JACKSONVILLE, FLA. — Merritt Properties has acquired Center Point Business Park, an 11-building, 537,800-square-foot light industrial park located in Jacksonville’s Butler corridor near the Florida East Coast Railway. According to the Jacksonville Business Journal, Merritt Properties purchased the campus for $89.8 million. This latest office park acquisition marks Merritt’s first major transaction after receiving a $750 million investment led by Centerbridge Partners to boost its long-term growth strategy.
Royce Rose and Justin Rabin of CBRE represented the seller, Plymouth REIT, in the transaction. Spencer Cummings and Cassidy Bergstrom led Gunster’s legal team in representing Merritt Properties.
Situated at 4801-6631 Executive Park Court, Center Point Business Park was 99 percent leased at the time of sale to 35 tenants. The property features 18- to 22-foot clear heights, rear-load configurations, dock-high loading, concrete tilt-wall construction, 107 dock doors and 1,005 parking spaces. On average, tenant spaces are approximately 15,100 square feet.
In addition to its existing portfolio, Merritt owns land at Imeson Landing Business Park and Oakleaf Commerce Center in Jacksonville, where future light industrial development is planned.