Prominent building on Fifth Avenue South in Naples sells for $29.5 million.

A landmark property on posh Fifth Avenue South in downtown Naples has sold.

Trinity Commercial Group has announced the sale of a long-standing retail and office facility at 765-799 Fifth Avenue South.

The announcement was made via a press release on Friday, according to a recent article by Laura Layden of Naples Daily News.

The purchase price was not immediately disclosed, although Trinity’s marketing manager did so a few days later. The building sold for $29.5 million.

Trinity’s Doug Olson and Matt Fredrickson represented the seller, Nighthawk Group LLC, an investment firm with local roots.

The new owner is NECO 765 5th Avenue South, another limited liability company (LLC).

When the transaction was publicized, it had not yet appeared in public records. It closed on Jan. 17, according to Trinity’s marketing manager.

Land records reveal that the sellers and former owners paid $27 million for the building in May 2022, making a profit.

According to state documents, the buying organization was established in January and has ties to Mark Hunt, who is already substantially involved in Fifth Avenue South.

Hunt is the CEO of M Development, which has a significant presence in Aspen, Colorado.

M Development affiliates paid more than $186 million for a cluster of downtown Naples properties from Hoffmann Commercial Real Estate in 2023, setting a near record. The sale featured many transactions and included several commercial buildings on Fifth Avenue South and Third Street South.

The affiliates in those transactions have NECO in their names, which appears to be an abbreviation for Naples Ecosystem.

Aside from that large investment, M Development once planned a grandiose mixed-use redevelopment project covering more than four acres of primarily vacant land purchased between the historic Tin City and the famous Fifth Avenue retail district. The corporation sold its stake in the high-profile project a few months ago, with another developer taking over the luxury living, retail, and dining options.

The recently purchased property at 765-799 Fifth Avenue South houses a variety of businesses, including Wind in the Willows, a one-of-a-kind women’s boutique that sells apparel, gifts, and accessories on the first level.

Another high-profile tenant is John R. Wood Properties, a long-standing Naples-based real estate firm with an office on the second floor and its name on the building.

The seller’s agents did not reveal what will become of the approximately 20,000-square-foot structure.

“The new ownership’s vision of introducing something unique and luxurious aligns seamlessly with the Nighthawk Group’s aspirations for the site,” observed Olson.

Trinity stressed in its news statement that Fifth Avenue South remains a premier destination in Naples, continuing to “thrive as a hub of luxury and innovation.”

The corporation referred to the purchase as “another milestone” in the “ongoing legacy” of the city’s main boulevard.

This article originally appeared on Naples Daily News

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