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| 5th Avenue Collection, Naples, FL |
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| Manuel de Zarraga |
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced
it has closed the $74.35 million sale of a seven-building portfolio on 5th
Avenue in Naples, Florida.
HFF marketed the property
on behalf of the seller, Naples Fifth Avenue Holdings, LLC, whose principals
include Jose Hevia and Trish Blasi. Hoffman Commercial Real Estate purchased the
asset free and clear of existing debt.
Courtelis Company, which provided leasing and management services for
Naples Fifth Avenue Holdings, LLC, assisted HFF in the marketing process.
The seven-building
portfolio totals 122,276 square feet and consists of 73,523 square feet of
street-level retail space, 48,753 square feet of office space and a 1.1-acre
site on one of the wealthiest high-street markets in the country: 5th Avenue in Naples. The 1.1-acre development site is situated at
the corner of 4th Avenue and 4th Street and currently serves as a 115-space
surface parking lot.
The collection of assets
benefits from its location along the 5th Avenue corridor as downtown Naples
continues to experience intense demand from retail and restaurant users. The buildings are 86.2 percent leased, in
aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade,
Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks, Tervis
Tumbler and Provident Jewelry.
The HFF team representing
the seller was led by executive managing director Manuel De Zárraga, senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi. Rod Castan,
president of Courtelis Leasing and Management, also assisted in representing
the seller.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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