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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.
“Barron Collier Companies and FoxRock Properties recognize that Newgate Center is a premier Class-A office center in a very desirable, central location in Naples,” Andrea McLendon, a spokesperson for the buyers, writes in an email to the Business Observer. “It has been well-maintained and professionally managed with a positive leasing history for many years, and was a natural choice for a long-term investment. We are pleased with the appearance of the center and do not have any immediate plans to change the aesthetics.”
The purchase marks FoxRock Properties' first commercial real estate investment in Southwest Florida. Founded in 1982, the firm acquires, develops and manages commercial properties primarily in Massachusetts. It currently owns more than one million square feet of office, retail, industrial and commercial medical space.
Barron Collier already owns a number of commercial properties in Naples, including Goodlette Corners, Granada Shoppes, Magnolia Square, Bay Landing and the soon- to-be-built Creekside Corners.
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