The Barron Collier Companies and Boston-based FoxRock Properties have purchased the Newgate Center office center in Naples for $18.75 million. The per square foot price of $234 is higher than the two-year average price per square foot for office space ($112) in Southwest Florida, according to the CoStar Group. Located at 959 Castello Drive, the 20 year old complex features a seven story tower with 54,000 square feet and two smaller buildings of 12,900 square feet each. The center, which is fully-leased, is anchored by PNC Bank, Raymond James, Newgate Surgery Center and McLaughlin & Stern LLP. The purchase marks FoxRock’s first commercial investment in Southwest Florida. Barron Collier owns multiple properties in Naples.
