Fareri Associates Acquires Naples Retail Center For $29.25M

A Naples retail center known as The Gateway of Naples has been sold for $29.25 million. The property, located at 2100 9th Street North, spans 60,000 square feet. The sale price equates to approximately $488 per square foot. The transaction took place in the Naples market and involved the asset type of retail.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $29,250,000
• Square Footage: 60,000
• Price Per Square Foot: $488
• Address: 2100 9th Street North, Naples
• Market: Naples

The buyer of The Gateway of Naples retail center is Fareri Associates, represented by John Fareri. The seller, Continental Realty Corp, was represented by Larry Lichtenauer. The broker involved in the deal is David Stevens from Investment Properties Corp.

It is worth noting that Centre Pointe Associates Two-Seven LLC, an affiliate of Fareri Associates, acquired the property. Upon completion of the transaction, the retail center will be renamed Centre Pointe. The new owners have plans for renovations, with minor work commencing soon and more significant changes scheduled for 2024.