Merritt Island, Fla. — MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman, has purchased Merritt Crossing, a 90,000-square-foot shopping center on Florida’s Space Coast, for approximately $9.1 million. Situated across 15.3 acres on Merritt Island, the property was built in 1983 and renovated in 2002. DG Market and Planet Fitness anchor Merritt Crossing, which was 92.3 percent leased at the time of sale. Other tenants include The Health Bar, a hair studio, a daycare and multiple restaurants.
John Crotty, Michael Fay, David Duckworth, Brian De La Fe and Philip Shapiro of Avison Young represented the seller, Dechomai Asset Trust Number Three LLC, in the transaction. Matthew Brown, Nicholas White and Will Rosenfield represented the buyer on an internal basis. NAI Merin Hunter Codman will manage the shopping center, while Holly Carver and Lisa Earnhardt of Rocket City Commercial Real Estate will lease the property on behalf of the new ownership.
Since launching in 2022, MHCommercial Real Estate Fund II has purchased nine properties totaling 1.1 million square feet.