Merritt Properties announced July 23 it has made the largest acquisition in its history and almost doubled the size of its Jacksonville holdings with the $89.8 million acquisition of Center Point Business Park.
The company said in a news release that the 11-building, 537,800-square-foot light industrial park in South Jacksonville is the first major transaction announced since the company secured a $750 million investment led by Centerbridge Partners to accelerate its long-term growth strategy.
Baltimore, Maryland-based Merritt Properties said it bought the property from Plymouth REIT. Royce Rose and Justin Rabin of CBRE National Partners represented the seller in the transaction. Gunster, with Spencer Cummings and Cassidy Bergstrom leading the firm’s representation, provided legal counsel for Merritt Properties.
Merritt’s Jacksonville holdings now total about 1.13 million square feet across five business parks, including Beach Commerce Center, Imeson Landing Business Park, Magnolia Park and Merritt at Gate Parkway.
“This acquisition is a defining moment for our company,” said Bobby Lanigan, president of Merritt Properties, in the release.
“It reflects our commitment to strengthening and diversifying our portfolio in strategic markets. Adding Center Point gives us meaningful scale in Jacksonville and enhances our ability to serve customers across the region.”
Center Point Business Park at 4801-6631 Executive Park Court is about 1.2 miles from Interstate 95 and a half-mile from the Florida East Coast Railway, which Merritt said provides a last-mile connection to deliver goods in the market.
Center Point is 99% leased to 35 tenants that average about 15,100 square feet of space, Merritt said.
“Center Point Business Park is an outstanding addition to our Jacksonville portfolio,” said Pat Franklin, regional director of Merritt Properties’ Florida office.
“Its location, quality and diverse tenant base make it an excellent fit for Merritt. We look forward to building on the property’s success through our hands-on approach to leasing, property management and ownership.”
In addition to its existing portfolio, Merritt owns land at Imeson Landing Business Park and Oakleaf Commerce Center, where future light industrial development is planned. Together, those projects could add about 269,400 square feet, continuing to expand the company’s presence in Northeast Florida.