The bank was forced to bid on the estimated 300,000-sf landmark Astronaut Hall of Fame in Titusville, FL and its sister attraction, U.S. Space Camp Florida, 60 miles southeast of Downtown Orlando, to protect its interests in $10 million of unpaid loans made to the properties for expansion in the early 1990s.
The properties' owner, U.S. Space Camp Foundation of Huntsville, AL, a private, non-profit organization, built the two attractions 14 years ago for an estimated $30 million or about $100 per sf.
The bank bought the real estate at a Brevard County courthouse public auction for about 33 cents per sf, industrial real estate brokers in Brevard County familiar with the property tell GlobeSt.com on condition of anonymity. There were no other bidders at the Sept. 25 auction in Titusville.
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