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Local investors have snatched up another building on Fifth Avenue South.

James and Christopher Shucart, going under the name Fifth Avenue Investments LLC, have purchased 837 Fifth Ave. S., home to Chops City Grill and Engel & Völkers.

The two-story building sold for $7.98 million.

"It's got some great architecture, and Chops is a longstanding, very successful restaurant for the street — so that was quite appealing," Christopher Shucart said.

The deal, which closed Friday, is the latest in a frenzy of buying on the avenue over the past 16 months. More than a dozen properties have changed hands on the swanky street since October 2015.

Related story: Two commercial buildings sold for $7.2 million on Fifth Avenue in Naples

The Shucarts also own the single-story building at 550 Fifth Ave. S., where a Coldwell Banker real estate office is located. They purchased the property in July.

"It's such a unique street, not only for Naples, but in the entire country, so it has worldwide appeal and draw," Christopher Shucart said.

No major changes are planned at either building.

The deal on the second building came together after the Shucarts reached out to David Stevens, a principal in Naples-based Investment Properties Corp., to see if it was available for purchase.

"It wasn't under contract any longer. So we were able to come to terms," Christopher Shucart said.

Related story: Hoffmann has contracts to buy two more properties on Fifth Avenue South in Naples

The seller was 837 Fifth Avenue South Ltd., a Florida limited partnership. The building, built in 1999, spans about 14,000 square feet and sits on a little over .2 acres. Its assessed value is less than $3.1 million, according to the Collier County Property Appraiser's website.

The opportunities to buy up property on Fifth Avenue South in the near term are shrinking.

"There are still some properties in transition, but with the number of transactions that have occurred in the last 16 months, there's not room for that many more sales at this point," Stevens said.

Related story: Hoffmann buys its 10th Fifth Avenue South property

The Shucarts, who own other investment property in the Naples area, aren't actively looking for more property to purchase on Fifth Avenue. But they remain bullish on the future of the street.

"It's going to continue to grow in terms of people wanting to be there," Christopher Shucart said. "I actually think East Naples, with the thousands of new homes that are coming online, will continue to feed the supply of people wanting to be on Fifth Avenue and to visit and patronize the area."

The Shucarts, principals in JCS Realty Group, have been investing in commercial real estate in Collier County for 14 years. They own four properties in the city of Naples and three in East Naples.

Related story: Hoffmann buying Four Corners building on Fifth Avenue South in Naples

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