Hoffmann expands Naples holdings

St. Louis-based Hoffmann Commercial real Estate has added to its portfolio of Naples' retail properties with the acquisition of the Four Corners Building, for $6.5 million, property records show.

A Hoffmann entity bought the property earlier this month from Marolax Naples Inc., according to Collier County records.

The three-story building, at 898 Fifth Ave. S., became Hoffmann's tenth purchase along Naples' iconic downtown, following its acquisition of the seven-building 5th Avenue Collection for $74.4 million last year.

“Four Corners is the first building you see when you come down Fifth Avenue and it really pops out at you as you enter the district,” says Gregory Hoffmann, a Hoffmann principal.

He adds that the firm is planning to paint the Four Corners building, install new awnings and make other improvements to “really dress it up.”

Hoffmann also is working with city officials to install a series of statues around its holdings and possibly bring in live music and farmers markets.

The company isn't finished buying property in the area, either. Hoffmann says the firm intends to buy 837 Fifth Ave. S., which is occupied by Chops City Grill and German real estate firm Engel & Volkers, later this year.

“We're really excited to a part of the community there,” Hoffmann says.