New owners acquire high-profile Naples properties
A Colorado-based real estate firm has purchased an important hub for Naples’ business traffic in yet another testament to the local economy’s strength and promise.
M Development, a real estate acquisitions business based in Aspen, CO, has purchased two high-profile properties in town. The buildings lie across from one another at the corner of Eighth Street South and Fifth. This prior purchase was large even by Naples standards; industry insiders place the sale price between $250 and $300 million. This most recent purchase occurred in a $40.25 million business deal during the summer. These purchases increase the company’s presence in the business community, capping a large purchase in 2023 that included 27 properties on Fifth Avenue South. Banner printing is often used to announce the availability of new commercial space.
David Stevens, who represented the seller in the 2023 sale, stated that it was the largest business property transaction ever in the area. With the new purchase, M Development now owns all four properties on the busy intersection.
Rob Carroll, of Investment Properties Corporation in Naples, had this to say on the ownership transfer:
M Development filed for incorporation as an LLC on February 11, 2020, and maintains offices at 516 East Hyman Avenue in Aspen.
M Development, a real estate acquisitions business based in Aspen, CO, has purchased two high-profile properties in town. The buildings lie across from one another at the corner of Eighth Street South and Fifth. This prior purchase was large even by Naples standards; industry insiders place the sale price between $250 and $300 million. This most recent purchase occurred in a $40.25 million business deal during the summer. These purchases increase the company’s presence in the business community, capping a large purchase in 2023 that included 27 properties on Fifth Avenue South. Banner printing is often used to announce the availability of new commercial space.
David Stevens, who represented the seller in the 2023 sale, stated that it was the largest business property transaction ever in the area. With the new purchase, M Development now owns all four properties on the busy intersection.
Rob Carroll, of Investment Properties Corporation in Naples, had this to say on the ownership transfer:
“That corner at Fifth and Eighth is an important corner. I think they see these buildings as an integral part of the overall portfolio.”
M Development filed for incorporation as an LLC on February 11, 2020, and maintains offices at 516 East Hyman Avenue in Aspen.