Through its affiliates, Aspen-based M Development has acquired a portfolio of downtown Naples properties for $186,709,135. Well-known Naples property owner David Hoffmann was the seller. A recent Forbes story reports Hoffmann owns 42 commercial properties in Naples.

This commercial portfolio includes a collection of 27 buildings situated on well-known streets. The properties are located in the upscale market of Naples, offering opportunities for redevelopment and potential upgrades. Among the properties were Coral Cay Adventure Golf, $16 million; 950 and 990 First Ave. for $17.7 million; 780 Fifth Ave. for $20.23 million; 353 Fifth Ave. S., $12 million. John Biegalski represented M Development.