center benefits from strong traffic counts and proximity to dense residential neighborhoods
A nearly fully leased Shoppes at Victoria Square Retail Center on Merritt Island in the heart of Brevard County has changed hands in a $16 million deal, highlighting sustained investor interest in high-performing retail properties along Florida’s Space Coast.
Nearly fully leased Merritt Island center, anchored by Fitness Club, Burlington, Five Below, and Ulta Beauty, attracts new ownership.
BREVARD COUNTY • MERRITT ISLAND, FLORIDA — A nearly fully leased retail center in the heart of Brevard County has changed hands in a $16 million deal, highlighting sustained investor interest in high-performing retail properties along Florida’s Space Coast.
Located along North Courtenay Parkway, the center benefits from strong traffic counts and proximity to dense residential neighborhoods, factors that continue to support steady retail demand and long-term occupancy in the Merritt Island market.
MHCommercial Real Estate Fund II, in partnership with Ocala North Partnership, has acquired Shops at Victoria Square, a 109,000-square-foot anchored retail center located at 1450 N. Courtenay Parkway on Merritt Island. The seller was Isram Real Estate.
The center is currently 98% leased and anchored by national retailers, including Burlington, Five Below, and Ulta Beauty, all of which operate under long-term leases.
The nearly fully leased Merritt Island center, anchored by Fitness Club, above, Burlington, Five Below, and Ulta Beauty, attracts new ownership. Located along North Courtenay Parkway, the center benefits from strong traffic counts and proximity to dense residential neighborhoods, factors that continue to support steady retail demand and long-term occupancy in the Merritt Island market.
Additional tenants at the property include a mix of service-oriented and national brands such as Dollar Tree, GNC, H&R Block, GameStop, Sally Beauty, and several locally operated businesses, providing a diverse retail and service lineup for the surrounding community.
Portions of the center have been recently repositioned, further strengthening its tenant mix and occupancy levels.
The acquisition marks MHC Fund II’s second investment on Merritt Island. In July 2025, the fund purchased the nearby Merritt Crossing, a 90,000-square-foot grocery-anchored retail center, for $9.1 million. The latest deal expands the fund’s presence along one of the island’s primary commercial corridors.
Avison Young’s Florida Capital Markets Group represented the seller in the transaction. The brokerage team included John K. Crotty, Michael T. Fay, David Duckworth, Brian C. De La Fe, and Philip Shapiro.
Leasing for Shoppes at Victoria Square will be handled by Holly Carver and Lisa Earnhardt of Rocket City.
