Naples businessman Phil McCabe has purchased two Naples properties on Fifth Avenue South for $8.1 million.

McCabe, president and CEO of Gulf Coast Commercial Corp., bought the 400 Building on the corner of Fifth Ave South and Fifth Street, and the 500 Building is one-half block further east. His long-term plans are for redevelopment of both.

The seller of both buildings was the Marlowe family, who had owned and operated the properties for many decades.

The current business tenants will continue to operate within the properties during the planning stages, which will most likely take four to five years.

R. Scott Cameron, president of Cameron Real Estate Services Inc. of Naples, brokered the transaction.