Merritt Makes $90M Jacksonville Buy
It's the largest investment in the firm's history.
Merritt Properties has purchased Center Point Business Park, a 537,800-square-foot, light-industrial campus in Jacksonville, Fla. The asset changed hands for $89.8 million, according to Duval County public records. Plymouth REIT sold the property with the assistance of CBRE National Partners.
The transaction marks the largest acquisition in Merritt’s history, bringing the firm’s local footprint to roughly 1.1 million square feet across five business parks.
The deal is also one of the first major investments since Centerbridge Partners invested $750 million in Merritt earlier this month. The capital infusion will fund the development and acquisition of shallow-bay industrial properties across both new and existing markets, including Florida.
READ ALSO: Can Jacksonville Turn Port Upgrades Into Industrial Momentum?
Located at 4801-6631 Executive Park Court, Center Point Business Park features 11 facilities built in phases between 1990 and 1997 as well as 1,005 parking spots. Buildings have clear heights between 18 and 22 feet, rear-load configurations and a combined 107 dock doors.
The industrial complex was 99 percent leased to 35 tenants at the time of sale. The roster includes Simple Signman, DEX Imaging, Zeno Office Solutions, Tropic Supply and Jet Sales Solutions, among others, according to Yardi Matrix. The average tenant suite is about 15,100 square feet.
Occupying nearly 41 acres, the campus is close to Interstate 95 and Florida East Coast Railway, providing access to the region’s major transportation corridors. The property is in the city’s Southpoint neighborhood, a compact commercial and corporate district, and approximately 22 miles from Jacksonville International Airport.
CBRE Vice President Royce Rose and Financial Analyst Justin Rabin represented Plymouth.
Jacksonville’s industrial sector still adjusting
Jacksonville continues to adjust to the wave of recent industrial completions, according to a second-quarter Cushman & Wakefield report. Speculative deliveries included 4.7 million square feet, pushing the metro’s vacancy rate to 11.6 percent at the end of the first half of 2026—a 290-basis-point increase over the year. However, construction activity contracted, with the pipeline including only 1.3 million square feet at the end of June, down 68.1 percent year-over-year.
According to the report, Jacksonville’s largest industrial transaction of the second quarter amounted to $80.2 million and closed in June. EQT Real Estate acquired the property at 10480 Yeager Road from Brookfield Asset Management as part of a 2.4 million-square-foot portfolio deal that also included assets in Lakeland, Fla., and Savannah, Ga.
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