Merritt Island, Fla. — A TIC including MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman, has acquired the Shoppes at Victoria Square, for $16 million. Situated approximately 50 miles east of Orlando near the Kennedy Space Center, the Shoppes at Victoria Square totals 109,000 square feet and is anchored by Burlington, Five Below and Ulta Beauty. The property was 98 percent leased at the time of sale.
John K. Crotty, Michael T. Fay, David Duckworth, Brian C. De La Fe and Philip Shapiro of Avison Young represented the seller, an entity doing business as Victoria Square Partners, in the transaction. Stuart T. Kapp and Jake T. Seiler of Kapp Morrison Aker LLP law firm represented the TIC buyers, an entity doing business as Ocala North Partnership, which includes Ted Lightman and James O’Connor of Charles Wayne Properties; Jim Scalo and Brian Walker of NAI Burns Scalo; and MHCommercial Fund II. Amanda Pires and Lisa Anderson of BankUnited provided financing.
NAI Merin Hunter Codman will manage the shopping center, while Holly Carver and Lisa Earnhardt of Rocket City Commercial Real Estate, in collaboration with Bruce Corn of NAI Merin Hunter Codman, will lease the property on behalf of the new ownership.
This acquisition marks the second Merritt Island investment for MHC Fund II, following the purchase of Merritt Crossing, a 90,000-square-foot grocery-anchored retail center, in July 2025.