Merritt Properties has acquired Center Point Business Park, an 11-building, 537,800-square-foot light industrial park in Jacksonville.
The purchase is the largest acquisition in the company's history, nearly doubling its Jacksonville footprint and marking the first major transaction announced since Merritt secured a $750 million investment led by Centerbridge Partners to fuel its long-term growth strategy.
What is Center Point Business Park?
Center Point Business Park is an 11-building light industrial complex totaling 537,800 square feet, located at 4801-6631 Executive Park Court near Butler Boulevard. The park sits roughly 1 mile from Interstate 95 and half a mile from the Florida East Coast Railway, giving tenants strong last-mile connectivity across the region.
Why is this deal significant for Merritt Properties?
The acquisition
is the largest in company history and the first major move since Merritt closed a $750 million investment led by Centerbridge Partners. That capital was raised specifically to accelerate the company's growth strategy, and Center Point represents its first big test case.
"This acquisition is a defining moment for our company," said Bobby Lanigan, president of Merritt Properties, in a news 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."
How much does this add to Merritt's Jacksonville portfolio?
The Center Point deal nearly doubles Merritt's footprint in Jacksonville. With this acquisition, the company's Jacksonville portfolio now totals approximately 1.13 million square feet spread across five business parks:
- Imeson Landing Business Park
- Merritt at Gate Parkway
- Magnolia Park
- Beach Commerce Center
- Center Point Business Park
What are the property's physical features?
Center Point Business Park includes 18- to 22-foot clear heights, rear-load configurations, dock-high loading in most suites, concrete tilt-wall construction, 107 dock doors and 1,005 parking spaces.
Who occupies Center Point Business Park?
The park is 99% leased to 35 tenants spanning a diverse mix of industries. The average tenant occupies approximately 15,100 square feet, reflecting a mix of small and mid-size industrial and distribution users.
"Center Point Business Park is an outstanding addition to our Jacksonville portfolio," said Pat Franklin, regional director of Merritt Properties' Florida office, in a news release. "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."
Who did Merritt Properties buy Center Point from?
Merritt Properties acquired the park from Plymouth REIT.
Royce Rose and Justin Rabin of CBRE National Partners represented the seller in the transaction. Gunster provided legal counsel for Merritt Properties, with Spencer Cummings and Cassidy Bergstrom leading the firm's representation.
Does Merritt Properties have plans for further growth in Jacksonville?
Yes, in addition to its expanded portfolio, Merritt owns land at Imeson Landing Business Park and Oakleaf Commerce Center, where future light industrial development is planned.
Combined, those projects could add approximately 269,400 square feet of additional space, further growing the company's presence in Northeast Florida.
This article originally appeared on Florida Times-Union: Merritt Properties buys Center Point Business Park in 'defining moment'
