After more than two decades under the same ownership, a familiar Merritt Island shopping center just changed hands for $16.05 million, a hefty payout for the Space Coast retail scene. The roughly 109,000-square-foot Shoppes at Victoria Square sits on North Courtenay Parkway and is anchored by Burlington, Ulta Beauty, and Five Below, capping a long run for the outgoing investor group.
Deal details and buyer
According to a release from NAI Merin Hunter Codman, MHCommercial Real Estate Fund II, in a tenancy-in-common structure with Ocala North Partnership, paid $16,050,000 for the Shoppes at Victoria Square. The purchase covers roughly 108,975-109,000 square feet, and the center was about 98% leased at closing. The deal was financed with debt from BankUnited, the firm noted.
Buyer expands local footprint
The acquisition adds to MHC Fund II’s growing footprint on the Space Coast. The fund picked up neighboring Merritt Crossing, a roughly 90,000-square-foot grocery-anchored center, for about $9.1 million in July 2025, according to ConnectCRE. Industry coverage shows that the purchase involved co-investors, including Charles Wayne Properties and principals from NAI Burns Scalo.
Value jump since 2003
The $16.05 million price represents roughly a 163% increase over the center’s last recorded sale in 2003, Orlando Business Journal reported. That kind of jump tracks with the broader investor appetite for well-leased, nationally anchored neighborhood centers in tight retail corridors.
Property upgrades and site details
Marketing materials from Avison Young describe the Shoppes at Victoria Square as a ±108,975-square-foot center on about 13.6 acres that saw more than $8 million in capital improvements in 2024. The site still includes two undeveloped outparcels. The brochure also flags signalized access and visibility to more than 30,000 vehicles per day, factors brokers say help keep rents firm and foot traffic reliable.
What’s next
NAI Merin Hunter Codman will handle property management, according to the buyer’s announcement, while local leasing will be run by Rocket City brokers, per market coverage. The new ownership group has indicated it plans to keep refining the tenant mix and to look for near-term upside from outparcel development and upcoming lease expirations.
For Merritt Island shoppers and retailers along Courtenay Parkway, the sale could translate into continued upgrades and a more visible owner on site, as investors test fresh concepts against the Space Coast’s growing retail demand in the months ahead.
