Aspen-based M Development, through its affiliates, has recently acquired a portfolio of downtown Naples properties for $186,709,135 from well-known property owner David Hoffmann. According to a recent Forbes article, Hoffmann currently owns 42 commercial properties in the upscale market of Naples.
The extensive portfolio consists of 27 buildings located on prominent streets in the area. These prime locations offer potential for redevelopment and upgrades. Some notable properties included in the acquisition are Coral Cay Adventure Golf ($16 million), 950 and 990 First Ave. ($17.7 million), 780 Fifth Ave. ($20 .23 million), and 353 Fifth Ave S., which was purchased for $12 million with representation by John Biegalski on behalf of M Development.
This significant transaction marks another successful investment by M Development as they continue to expand their presence in the thriving commercial real estate market of Naples.
