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fter selling about 25 downtown Naples properties in 2023, the Hoffmann family is adding a new corner spot on Fifth Avenue South. Hoffmann Commercial Real Estate, the Naples‑based arm of the family conglomerate, has signed a contract to buy the retail portion of the three‑story building at 465 Fifth Ave. S., a property developed by Phil McCabe. The structure houses luxury condos on the upper levels, street‑level shops, and underground parking. McCabe confirmed the deal is finalized, valued at $12 million, and will close in about three weeks. He noted that the transaction was financed with hard money. The sale follows a prior letter of intent from two years ago that fell through when Hoffmann sold its downtown holdings to Aspen‑based M Development.

    Greg Hoffmann, CEO of Hoffmann Commercial Real Estate, expressed enthusiasm for returning to Fifth Avenue, a street that owes much of its vitality to Phil. “We’ve long admired this property and are thrilled to be back on Fifth Avenue,” he said. “Phil was a great ally when we first arrived, and we look forward to working with him again.”

    The building’s ground floor is fully leased, with tenants such as The Vine Room and Gelato & Co. McCabe’s son, Philip, will become the new landlord under Hoffmann. “David will be an excellent proprietor,” McCabe remarked, praising the family’s stewardship of the area.

    This acquisition marks Hoffmann’s second corner property on Fifth Avenue South. The first, a fashion boutique for family matriarch Jerri Hoffmann, is set to open soon at the northeast corner of Fifth Ave. S. and Sixth St. S. The Augusta Clothing Co. will expand into this location.

    Hoffmann Commercial Real Estate remains committed to Naples’ commercial market, viewing it as a key growth area. McCabe, who completed the mixed‑use project at Fifth and Fifth in 2018, has sold his residential unit and will relocate to a condominium at the Naples Beach Club in early 2026, after years of operating the Inn on Fifth and the Irish Pub. The sale of the building marks his final Fifth Avenue property.

    Beyond real estate, the Hoffmann Family of Companies owns diverse businesses worldwide, including Pure Florida, Hertz Arena, the Florida Everblades, Old Collier Golf Club, and Old Corkscrew Golf Course, operating across 30 countries with 17,000 employees.