A tenancy-in-common entity including MHCommercial Real Estate Fund II has purchased the Shoppes at Victoria Square on Merritt Island for $16 million. The 109,000-square-foot center, located near the Kennedy Space Center, is 98% leased and anchored by Burlington, Five Below, and Ulta Beauty. The transaction closed in April 2026, according to records from NAI Merin Hunter Codman, the firm managing the property.
The acquisition marks the second investment by MHCommercial Fund II in Merritt Island. In July 2025, the same group bought Merritt Crossing, a 90,000-square-foot retail center anchored by a grocery store. Both properties are part of a broader strategy to expand retail holdings in Brevard County. The Shoppes at Victoria Square is situated about 50 miles east of Orlando, in an area with growing residential and commercial development.
Avison Young represented the seller, Victoria Square Partners, in the deal. Legal counsel for the buyers included Stuart Kapp and Jake Seiler of Kapp Morrison Aker LLP. The buyers are organized as Ocala North Partnership, which includes Ted Lightman and James O’Connor of Charles Wayne Properties, as well as Jim Scalo and Brian Walker of NAI Burns Scalo.
BankUnited provided financing for the purchase. NAI Merin Hunter Codman will manage the shopping center, while Holly Carver and Lisa Earnhardt of Rocket City Commercial Real Estate, along with Bruce Corn of NAI Merin Hunter Codman, will handle leasing for the new ownership. The property’s high occupancy rate suggests strong demand for retail space in the area, even as e-commerce continues to reshape shopping habits.