You Won't Believe What MHCommercial Just Paid for a Hidden Gem in Florida’s Space Coast! $16M Shocker!

Merritt Island, Fla. — In a significant move within the commercial real estate sector, a Tenants-in-Common (TIC) group, including the MHCommercial Real Estate Fund II, has acquired the Shoppes at Victoria Square for $16 million. This shopping center, located approximately 50 miles east of Orlando near the iconic Kennedy Space Center, spans 109,000 square feet and is currently anchored by popular retailers such as Burlington, Five Below, and Ulta Beauty. At the time of the sale, the property boasted an impressive 98 percent occupancy rate, highlighting its desirability in the retail market.

The transaction was facilitated by a team from Avison Young, including John K. Crotty, Michael T. Fay, David Duckworth, Brian C. De La Fe, and Philip Shapiro, who represented the seller, an entity operating under the name Victoria Square Partners. The buyers, represented by Stuart T. Kapp and Jake T. Seiler of the law firm Kapp Morrison Aker LLP, include notable figures such as Ted Lightman and James O’Connor from Charles Wayne Properties, as well as Jim Scalo and Brian Walker from NAI Burns Scalo. Financing for the acquisition was provided by Amanda Pires and Lisa Anderson of BankUnited.

As part of the deal, NAI Merin Hunter Codman will take on the management of the shopping center. Leasing efforts will be handled in collaboration with Rocket City Commercial Real Estate, specifically by Holly Carver and Lisa Earnhardt, alongside Bruce Corn from NAI Merin Hunter Codman. This acquisition is particularly noteworthy for MHC Fund II, marking their second investment in Merritt Island, following a previous purchase of the Merritt Crossing, a 90,000-square-foot grocery-anchored retail center, in July 2025.

The Shoppes at Victoria Square's strategic location near major landmarks such as the Kennedy Space Center makes it an attractive destination for both shoppers and investors alike. This recent acquisition reflects a growing trend in retail investment, as firms are increasingly targeting well-leased properties in desirable markets. Investors are keenly aware of consumer behavior shifts, particularly in the wake of the COVID-19 pandemic, which has seen a resurgence in in-store shopping as consumers seek the immediacy and tactile experience that online shopping cannot provide.

Furthermore, Florida’s economy, bolstered by tourism and a growing population, continues to attract commercial real estate investments. The state's favorable tax environment and robust infrastructure make it a prime location for retail developments and acquisitions. This trend of acquiring stable, income-generating properties is likely to persist as economic recovery continues, and investors seek to diversify their portfolios amidst fluctuating market conditions.

As retail landscapes evolve, this acquisition not only adds significant value to the investors involved but also enhances the shopping options available to local consumers. The presence of popular brands like Burlington, Five Below, and Ulta Beauty indicates a favorable retail mix aimed at capturing a broad demographic.

Overall, the acquisition of the Shoppes at Victoria Square exemplifies the strategic decisions being made in commercial real estate, showcasing how property location, tenant quality, and market dynamics all play crucial roles in investment success. As the retail sector navigates post-pandemic recovery, observers will be watching closely to see how these investments perform in the evolving economic landscape.