Barron Collier Cos., FoxRock buy Newgate Center for $8.75 million

BUYER: GC Partnership Ltd. (50% interest) and FoxRock Newgate 5150 Realty LLC (50%)
SELLER: Executive Development Corp.
PROPERTY: 959 Castello Drive, Naples
PRICE: $18.75 million
PREVIOUS PRICE: $361,000, March 1988
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples

PLANS, DESCRIPTION:
The Barron Collier Cos. and Boston-based FoxRock Properties purchased the three-building Newgate Center office development for $18.75 million.

The price equated to $234 per square foot. That figure is higher than the two-year average price per square foot for office space ($112) in Southwest Florida, according to the CoStar Group.