MIAMI—A seven-building retail portfolio in Naples just traded hands. HFF brokered the sale for a whopping $74.35 million. 

HFF represented the seller, Naples Fifth Avenue Holdings. Jose Hevia and Trish Blasi are the firm's principals.

Hoffman Commercial Real Estate purchased the asset free and clear of existing debt. Courtelis Company, which provided leasing and management services for Naples Fifth, worked with HFF to market the retail assets.

The seven-building portfolio totals 122,276 square feet and includes 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre site on one of the wealthiest high-street markets in the country: 5th Avenue in Naples.  The 1.1-acre development site sits at the corner of 4th Avenue and 4th Street and currently serves as a 115-space surface parking lot.  

Investors liked the mixed-use portfolio of assets, in part, for its location along the 5th Avenue corridor. Downtown Naples is witnessing an intense demand from retail and restaurant users. The buildings are 86.2% leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks, Tervis Tumbler and Provident Jewelry.

The HFF team representing the seller was led by executive managing director Manuel De Zárraga, senior managing director Daniel Finkle, managing director Luis Castillo, and associate director Nat Scarmazzi. Rod Castan, president of Courtelis, also assisted in representing the seller.

HFF also recently inked a hotel deal in Naples on 5^th Avenue. The Holiday Inn Express & Suites – 5^th Avenue in Naples secured first mortgage financing.

The buyer and seller were not immediately available for comment. HFF declined to comment.