Merritt Properties just wrote its biggest check yet in Jacksonville, shelling out $89.8 million for Center Point Business Park, a long-established light-industrial campus on the city’s Southside. The 11-building complex sits near J. Turner Butler Boulevard and offers direct last-mile connections by both road and rail, a combo that fits neatly into a broader wave of industrial action across Northeast Florida.
The company said this week that the deal, which closed July 22, nearly doubles its footprint in the Jacksonville market. Jacksonville Business Journal reported that Merritt paid $89.8 million for the property.
What Merritt Bought
In a company announcement, Merritt described Center Point Business Park as an 11-building, 537,800-square-foot light-industrial park located about 1.2 miles from Interstate 95 and a half-mile from the Florida East Coast Railway. Merritt Properties said the park is 99% leased to 35 tenants and features 18- to 22-foot clear heights, 107 dock doors and more than 1,000 parking spaces.
Who Sold It And The Deal Team
The seller was Plymouth REIT, which had held Center Point Business Park as part of its Jacksonville industrial portfolio. According to the Jax Daily Record, Royce Rose and Justin Rabin of CBRE National Partners represented the seller, while Gunster served as legal counsel for Merritt.
Merritt's Local Strategy
With Center Point now in the mix, Merritt said its Jacksonville holdings total roughly 1.13 million square feet across five business parks. In its announcement, Merritt Properties framed the acquisition as the first major transaction since the company secured a $750 million investment led by Centerbridge to accelerate growth, an arrangement detailed in a separate release. Merritt Construction said that financing is intended to support additional acquisitions and new development in Florida.
Why The Butler Corridor Matters
Industry brokers continue to treat the Butler Corridor as prime territory for last-mile logistics, where infill locations and rail access keep investors circling. Pre-leasing work at the Gateway South Industrial project and coverage of DHL’s distribution facility highlight that developers are still rolling out new Class A space in the area. Colliers and CoStar note that large-scale deliveries and pre-leasing activity have helped keep demand for modern shallow-bay industrial space steady across Northeast Florida.
What Executives Are Saying
“Center Point Business Park is an outstanding addition to our Jacksonville portfolio,” Pat Franklin, Merritt’s regional director for Florida, said in the company announcement, as reported by the Jax Daily Record. He added that the park’s location and tenant mix align with Merritt’s hands-on approach to leasing and property management.
What Comes Next
Merritt said it will continue to operate and lease Center Point Business Park while moving ahead with other local projects, including land it owns at Imeson Landing and Oakleaf Commerce Center. Merritt Properties lists those sites on its Florida markets page as part of a broader expansion plan, giving the firm both immediate income from existing assets and flexibility to serve tenants that want closer connections to rail and major highways.
