Naples office park sells for $19M

NAPLES — 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.

The 20-year-old development, located at 959 Castello Drive, Naples, features a seven-story tower with 54,000 square feet of space and two smaller buildings with 12,900 square feet each. The center is 100% leased and tenants include Raymond James, Newgate Surgery Center and McLaughlin & Stern LLP. PNC Bank is the anchor.