ST. LOUIS — The Hoffmann family, who are working to transform the Augusta area into a national wine destination, has sold the majority of its real estate holdings in downtown Naples, Florida.
Doing business through its Naples-based Hoffmann Family of Companies, the family sold 30 properties, totaling 242,00 square feet, from its retail portfolio, The Real Deal first reported.
Twenty-seven of those properties were sold to M Development, an Aspen, Colorado-based high-end developer. The remaining properties were sold to tenants who exercised their right of first refusal and purchased their properties, according to The Real Deal.
The “monumental” transaction, which the family said is its largest company history, is a strategic move, as the company has in recent years shifted its strategy to investments in businesses from a primary focus on real estate, it said in a release.
The Hoffmann family continues to own more than 20 properties in the Naples area following this transaction.
Click here to read the full story from the St. Louis Business Journal.
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