MHCommercial Real Estate Fund II (MHCREFII), a South Florida-based real estate private equity fund, has acquired Merritt Crossing, a 90,000-square-foot grocery-anchored retail center in Merritt Island, Florida, for $9.135 million ($102/SF).
Strategically located on 15.26 acres in the heart of Florida’s thriving Space Coast – home to Kennedy Space Center, NASA, and major aerospace companies – Merritt Crossing is currently 92.3% occupied. The center is anchored by DG Market and Planet Fitness, with a strong mix of local service and retail tenants including restaurants, a salon, and a daycare.
“Merritt Crossing is an outstanding strategic fit for our fund,” commented MHCREFII Principals Neil Merin and Jordan Paul. “We see opportunity to create substantial value for our investors as we implement a capital improvement program that will enhance the quality of this property in a market that’s enjoying great benefits from the growth and high-quality jobs that are being created on the Space Coast.”
The acquisition marks the fund’s ninth project, bringing MHCREF’s total portfolio to approximately 1.1 million square feet acquired since 2019.
📍 Space Coast, FL
📐 90,000 SF
📈 92.3% Occupied
💰 $9.1M
🔗 Read the full press release here »
For leasing inquiries, contact Holly Carver or Lisa Earnhardt of Rocket City Commercial at 321-291-6601.
For management inquiries, reach out to NAI/Merin Hunter Codman at 561-471-8000.
Thank you to the follow media organizations who shared the news about this acquisition!
Shopping Center Business: View Link | View PDF
REBusiness Online: View Link | View PDF
CRE Sources: View Link | View PDF
Palm Beach North Chamber of Commerce: View Link | View PDF
Chamber of Commerce of the Palm Beaches: View Link | View PDF
