The price of the building equates to $15.81 per sf; the land, $58,684 per acre ($1.35 per sf). Titan had asked $105,263 per acre and $28.37 per sf on the building.
The Katzens, through their Poinciana and McLane Ltd. company, could not be reached at GlobeSt.com's publication deadline. Titan officials also could not be reached. But Dean Fritchen, a senior associate at Arvida Realty Services Commercial Division in Winter Park, FL, tells GlobeSt.com the deal proves good buys are still around.
"You have to do your homework, as the Katzens did, and you have to know the territory so that you can buy for long-term appreciation," Fritchen tells GlobeSt.com.
The Titan property is in the 1,200-acre Poinciana Office and Industrial Park, a 20-year-old property being developed by Coral Gables, FL-based Avatar Properties Inc. Avatar's last posted price range for commercial and industrial land was $1.50 per sf to $3.50 per sf.
The Katzens did better than that, buying the Titan dirt for the equivalent of $1.35 per sf, area brokers point out to GlobeSt.com. The brothers plan to develop 460,000 sf of flex and distribution product on the site.
Avatar has 900 acres left to sell at Poinciana. Land for office development is going for $6 to $8 per sf. DBA Systems, a Titan Corp. asset, vacated its Poinciana quarters in 1988.
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