Hoffmann to buy Naples Fifth Avenue property from famed local hotelier

The Hoffmann Family of Cos., which just two years ago sold nearly 30 of its properties in Naples, is again investing in the city, this time picking up a retail property along Fifth Avenue South.

Hoffmann, the Naples, Chicago and St. Louis-based empire, is under contract to purchase the fully-leased retail property that ranges from 465 Fifth Ave. S. to 494 Fifth St. A Hoffmann spokesperson in described the properties in an email as “a single (big) property with five tenant bays.”

The company did not disclose a sale price and it will not be publicly available until it posts in Collier County records once the deal closes.

The addresses included in the property in the city’s upscale commercial district are:

• 465 Fifth Ave.
• 483 Fifth Ave.
• 487 Fifth Ave.
• 491 Fifth Ave.
• 494 Fifth St.

The seller is another well-known Naples entrepreneur, Phil McCabe who developed, owned and operated the famed Inn on Fifth for 25 years before selling it in 2022.

According to Hoffmann, McCabe developed the retail building seven years ago and that it is the final property he owns on Fifth Avenue after selling his townhome in the building about a month ago.

Collier records show 465 Fifth Ave. S. was sold for $4.7 million in 2007 to an LLC with the same address as the Inn on Fifth and, according to the state’s Division of Corporations, managed by McCabe.

It has been transferred several times since then, with McCabe’s name attached each time, most recently in 2019. That time it was transferred to an LLC which, on the deed, had the same address as the hotel and also listed McCabe as manager in state records.

The purchase comes about two years after Hoffmann sold 27 properties in the city to a Colorado developer. That deal included 12 buildings on Fifth Avenue South, nine on Third Street South and six off U.S. 41 in Naples.

The company reentered the local real estate market earlier this year when in July it bought a former real estate office at 601 Fifth Ave. S. for $6.5 million. It is in the process of redeveloping that space into The Augusta Clothing Co., a fashion boutique chain operated by Jerri Hoffmann, the matriarch of the family business.

The Hoffmans first came to Naples in 2015 with a $75 million purchase of seven properties and a parking lot. It had four employees at the time. Today, the Hoffmann Family of Cos. owns more than 120 companies with 400 locations in 30 countries and employs 16,000 people.

The purchase of the Naples retail building is being made by its real estate division, Hoffmann Commercial Real Estate.