Center Point Business Park
Merritt Properties has acquired Center Point Business Park, a 537,800-square-foot light industrial campus in Jacksonville, Florida, in the largest acquisition in the company’s history, nearly doubling its footprint in the market and advancing its long-term expansion strategy. Financial terms of the transaction were not disclosed.
The 11-building business park, located in Jacksonville’s Butler Corridor, is the first major acquisition announced since Merritt secured a $750 million investment led by Centerbridge Partners to support portfolio growth.
With the acquisition, Merritt’s Jacksonville holdings increase to approximately 1.13 million square feet across five business parks, including Imeson Landing Business Park, Merritt at Gate Parkway, Magnolia Park and Beach Commerce Center.
“This acquisition is a defining moment for our company,” said Bobby Lanigan, president of Merritt Properties. “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.”
Located at 4801-6631 Executive Park Court, Center Point Business Park is approximately 1.2 miles from Interstate 95 and one-half mile from the Florida East Coast Railway, providing efficient access to Jacksonville’s transportation network and supporting last-mile distribution throughout Northeast Florida.
The property is 99% leased to 35 tenants across a diverse range of industries, providing Merritt with a stabilized income-producing asset. The average tenant occupies approximately 15,100 square feet, reflecting demand from small and midsize industrial users.
The campus features modern industrial specifications, including 18- to 22-foot clear heights, rear-load building configurations, dock-high loading in most suites, concrete tilt-wall construction, 107 dock doors and 1,005 parking spaces.
“Center Point Business Park is an outstanding addition to our Jacksonville portfolio,” said Pat Franklin, regional director of Merritt Properties’ Florida office. “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.”
The acquisition strengthens Merritt’s position in Jacksonville’s industrial market at a time when demand for well-located warehouse and distribution space remains supported by population growth, e-commerce activity and expanding regional logistics operations.
Beyond its existing portfolio, Merritt also owns development land at Imeson Landing Business Park and Oakleaf Commerce Center, where future projects could add approximately 269,400 square feet of new light industrial space, further expanding the company’s presence in Northeast Florida.
Center Point Business Park was acquired from Plymouth REIT. Royce Rose and Justin Rabin of CBRE National Partners represented the seller in the transaction. Merritt Properties was represented by legal counsel from Gunster, led by Spencer Cummings and Cassidy Bergstrom.
Founded in 1967, Merritt Properties owns and manages more than 21 million square feet of office, flex, warehouse, industrial, retail and build-to-suit properties across Maryland, North Carolina, Florida and Virginia. The company provides leasing, development, property management and financing services throughout its portfolio.