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HCREFII, a South Florida-based real estate private equity fund, has acquired Merritt Crossing, a 90,000-square-foot grocery-anchored retail center in Merritt Island, Florida. The property was purchased for $9.135 million, representing a price of $102 per square foot.

    Located on 15.26 acres in the heart of Florida's Space Coast, Merritt Crossing is currently 92.3% occupied by tenants including DG Market and Planet Fitness, as well as local service and retail businesses such as restaurants and a salon. The fund's principals, Neil Merin and Jordan Paul, see significant potential for value creation through a capital improvement program that will enhance the property's quality.

    This acquisition marks MHCREFII's ninth project since 2019, bringing its total portfolio to approximately 1.1 million square feet of acquired space. For leasing inquiries, contact Holly Carver or Lisa Earnhardt at Rocket City Commercial (321-291-6601). For management inquiries, reach out to NAI/Merin Hunter Codman (561-471-8000).