Merritt Properties has expanded its industrial footprint in Jacksonville with the acquisition of Center Point Business Park, a light industrial complex in the city’s Butler Corridor. The park totals 537,800 square feet across 11 buildings and represents Merritt’s first major transaction announced since the company secured a $750 million investment led by Centerbridge Partners to support its long-term growth strategy.
The buyer acquired Center Point Business Park from Plymouth REIT. CBRE National Partners handled sales representation for the seller, with Royce Rose and Justin Rabin advising on the transaction. While the purchase price was not disclosed, the acquisition adds a sizable, largely stabilized industrial asset to Merritt’s portfolio at a time when institutional capital is actively targeting modern, well-leased logistics properties.
Center Point Business Park is 99% leased to 35 tenants spanning a broad mix of industries, underscoring steady demand for flexible light industrial space in the Jacksonville market. The tenancy profile is diversified, and the average occupant leases approximately 15,100 square feet, reflecting a concentration of small to mid-sized users rather than a single dominant tenant. This leasing dynamic can help mitigate rollover risk and distribute exposure across a variety of businesses.
The property’s physical characteristics are geared toward distribution and last-mile logistics users. Buildings feature clear heights ranging from 18 to 22 feet, rear-load configurations, and dock-high loading in most suites, supporting efficient truck circulation and loading operations. Construction is concrete tilt-wall, and the park includes 107 dock doors and 1,005 parking spaces, offering both loading capacity and ample vehicle accommodation for employees and fleet vehicles.
Located at 4801-6631 Executive Park Court, Center Point Business Park occupies an infill position within Jacksonville’s Butler Corridor. The site sits approximately 1.2 miles from Interstate 95 and about one-half mile from the Florida East Coast Railway, providing connectivity to major regional transport routes. This proximity to highway and rail infrastructure reinforces the property’s role in last-mile and regional distribution across the broader Jacksonville area.
The acquisition aligns with Merritt Properties’ strategy of scaling its industrial holdings with well-located, operationally functional assets backed by strong occupancy. For Plymouth REIT, the transaction crystallizes value on a nearly fully leased park in a logistics corridor that benefits from multimodal access. CBRE National Partners’ role in representing the seller further illustrates ongoing institutional and private capital engagement in established Southeastern industrial submarkets, particularly where occupancy, diversification of tenants, and transportation access support long-term income durability.
