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Commercial Real Estate
Business Observer Friday, May 24, 2019 3 weeks ago

European investor buys Naples office complex

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Newgate Center and Park North transaction marks one of the largest sales of the past year in Collier County
by: Kevin McQuaid Commercial Real Estate Editor

An investment group based in Rotterdam, The Netherlands, has spent $33 million to acquire a nine-building, Naples office complex in one of the largest commercial real estate sales in Southwest Florida in the past year.

Tamiami Newgate LLC, a group comprised of principals from investment firm Van Dam, Van Dam & Verkade B.V., bought the Newgate Center and Park North complex earlier this month, Collier County records indicate.

The seller was a partnership between affiliates of Barron Collier Cos. and Quincy, Mass.-based FoxRock Properties, according to state documents.

The 100,000-square-foot business park, which comprises a seven-story structure and a series of single-story buildings, is about 97% occupied.

PNC Bank and Fidelity Investments occupy roughly one quarter of the property, which is located at 5200 N. Tamiami Trail and 5125 Castello Drive, respectively.

“It’s a great property with a great tenant mix,” says Ranier Filthaut, president of IRC International Realty Corp., which represented the buyer in the transaction. “And it was maintained very well by the previous owners, which appealed to the buyer.”

IRC International will manage the asset going forward, Filthaut says.

David Stevens, an Investment Properties Corp. principal who negotiated on behalf of the Barron Collier and FoxRock entities, says the seller had met their collective objectives in the deal.

“At the time of their acquisition, the goal was to improve the property and stabilize the tenant roster and achieve market rents for the property,” Stevens says. “And after three and a half years, they felt they had done that and were in a position then to sell.

“So this was a good match. Newgate is truly one of the premier office properties in this (Southwest Florida) market,” Stevens adds.

The off-market transaction becomes the third Collier County commercial real estate purchase by the Tamiami Newgate partners, following deals for properties in 2015 and 2018, records show.

 

 

 

 

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