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BUYER: The Gathering Shops of Naples LLC (principal: Paul Cestaro), Naples
SELLER: Border State Ban
PROPERTY: 5584 19th Court S.W., Naples
PRICE: $1.26 million
PREVIOUS PRICE: $1.51 million, April 2005
TITLE FIRM ON DEED: Sunbelt Title Agency, Naples
PLANS, DESCRIPTION: A limited liability company led by Paul Cestaro purchased the 12,920-square-foot The Gathering Shops neighborhood retail center for $1.26 million.
The price equated to $98 per square foot.
Built in 2006, the development features 11 retail or office units.
Cestaro, who owned and ran a real estate brokerage office in New York City for several years, is now an associate with the Naples office of Coldwell Banker Commercial NRT.
The formerly bank-owned property was purchased as an investment.
Cestaro declined to comment on the acquisition.
According to a recently verified LoopNet listing, the center is fully occupied.
The purchase entity The Gathering Shops of Naples LLC mortgaged the property to Boundary Waters Bank for $862,500.
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