Hoffmann adding to Fifth Ave. portfolio with retail acquisition

After selling off its portfolio of about 25 downtown Naples properties in a major 2023 real estate deal, the Hoffmann family is expanding its local commercial holdings with the planned acquisition of a second corner property on Fifth Avenue South.

Hoffmann Commercial Real Estate, the real estate arm of Naples-based Hoffmann Family of Companies is under contract to purchase the commercial part of the building that Phil McCabe developed and owns on the northwest corner of Fifth Avenue South and Fifth Street South. The three-story building at 465 Fifth Ave. S. features two floors of luxury condominiums above ground-floor retail shops and underground parking.

“It’s definitely a done deal,” McCabe said. “It’s gone hard — hard money, you know. It’s a $12 million deal. I’m happy about it.”

McCabe said the closing of the sale will occur in about three weeks. Ironically, Hoffmann had previously signed a letter of intent to purchase that same real estate from the McCabe family two years ago, but the sale didn’t close before Hoffmann sold its downtown Naples real estate to Aspen-based M Development that fall.

“We’ve always admired this property, and we’re thrilled to be back on Fifth Avenue, an area that owes much of its vibrancy to Phil,” said Greg Hoffmann, CEO of Hoffmann Commercial Real Estate. “Phil was incredibly helpful to our family when we first came to town, and we genuinely enjoy working with him.”

The McCabe building has five fully leased retail units on its ground floor, including The Vine Room owned by McCabe’s son, Philip, who will have Hoffmann as his new landlord.

“David will make an excellent proprietor, landlord of the property,” McCabe said. “He and his family are terrific for Fifth Avenue. They have been over the years. He sold everything and now he’s back.”

This summer, Hoffmann Commercial Real Estate made its first recent acquisition of a corner building on Fifth Avenue South for its own fashion boutique founded by family matriarch Jerri Hoffmann. The second location of The Augusta Clothing Co. is expected to launch soon on the northeast corner of Fifth Avenue South and Sixth Street South.

“I’ve said it before, and I’ll say it again: We’re strong believers in the Naples commercial real estate market and remain committed to investing in its continued growth,” Hoffmann said.

McCabe completed the 10,845-square-foot mixed-use building at Fifth and Fifth in 2018. He demolished his one-story strip of retail and office units there to create the luxury real estate project, which has personal meaning for him because he resided in a special three-story corner unit with a rooftop pool in the building until recently.

“I also sold my residential unit,” McCabe said. “I sold that Sept. 2.”

McCabe is moving into a condominium unit at the new Naples Beach Club, A Four Seasons Resort, in early 2026, but he is renting another home in the interim. As the developer and former owner of the Inn on Fifth and McCabe’s Irish Pub, the sale of the building marks McCabe’s final property owned on Fifth Avenue.

“This is a meaningful milestone in my 30-year journey on Fifth Avenue,” McCabe said. “After building, owning and operating the Inn on Fifth for decades, and calling Fifth Avenue home for so long, I’m proud to pass this property on to Hoffmann Commercial Real Estate. They’ve proven to be exceptional stewards of every property they’ve acquired, and I’m confident they’ll continue to elevate the future of Fifth Avenue through their thoughtful art contributions and first-class management.”

In addition to its commercial real estate, Hoffmann operates many local businesses, such as Pure Florida, the Naples-based maritime tourism business it acquired this month. Other notable Hoffmann acquisitions include Hertz Arena, the Florida Everblades, Old Collier Golf Club and Old Corkscrew Golf Course. The Hoffmann Family of Companies’ multivertical, family-owned private equity firm includes more than 120 global brands and employs 17,000 employees with businesses located in 30 countries and 400 locations around the world, Hoffmann reports.