Merritt Properties Acquires 537,800-SF Center Point Business Park in Jacksonville from Plymouth REIT
Merritt Properties has acquired Center Point Business Park, an 11-building, 537,800-square-foot light industrial park in Jacksonville's Butler Corridor, from Plymouth REIT — the largest acquisition in the company's history. The deal, announced July 23, 2026, nearly doubles Merritt's Jacksonville portfolio and represents the first major transaction the company has completed since securing a $750 million investment led by Centerbridge Partners.
Royce Rose and Justin Rabin of CBRE represented Plymouth REIT in the transaction. Legal counsel for Merritt Properties was provided by Gunster, with Spencer Cummings and Cassidy Bergstrom leading the firm's representation. Financial terms of the sale were not disclosed.
Property Details and Portfolio Impact
Center Point Business Park is located at 4801-6631 Executive Park Court in Jacksonville, approximately 1.2 miles from Interstate 95 and one-half mile from the Florida East Coast Railway. The park is 99% leased to 35 tenants representing a diverse mix of industries, with an average tenant occupying approximately 15,100 square feet.
The property features 18- to 22-foot clear heights, rear-load configurations, dock-high loading in most suites, and concrete tilt-wall construction. The park includes 107 dock doors and 1,005 parking spaces.
With the addition of Center Point Business Park, Merritt's Jacksonville portfolio now totals approximately 1.13 million square feet across five business parks: Imeson Landing Business Park, Merritt at Gate Parkway, Magnolia Park, Beach Commerce Center, and Center Point Business Park.
Strategic Context and Growth Pipeline
The acquisition is the first major transaction Merritt Properties has announced since closing its $750 million Centerbridge Partners-led investment, which the company said was intended to accelerate its long-term growth strategy.
"This acquisition is a defining moment for our company," said Bobby Lanigan, president of Merritt Properties. "It reflects our commitment to strengthening and diversifying our portfolio in strategic markets. Adding Center Point gives us meaningful scale in Jacksonville and enhances our ability to serve customers across the region."
Pat Franklin, regional director of Merritt Properties' Florida office, said the property's location, quality, and tenant diversity made it a strong fit. "We look forward to building on the property's success through our hands-on approach to leasing, property management and ownership," Franklin said.
Beyond the Center Point acquisition, Merritt owns land at Imeson Landing Business Park and Oakleaf Commerce Center where future light industrial development is planned. Those projects could add approximately 269,400 square feet, further expanding the company's presence in Northeast Florida.
Market Positioning and Asset Characteristics
Center Point Business Park's near-full occupancy positions it as a stabilized income asset, reducing near-term leasing risk for Merritt. The property's location in Jacksonville's Butler Corridor — with proximity to Interstate 95 and the Florida East Coast Railway — supports distribution and service tenants that depend on highway and rail access, a core demand driver for light industrial real estate in the region.
Established in 1967, Merritt Properties is a privately held commercial real estate company with a portfolio of more than 21 million square feet of Class A office, flex, warehouse, industrial, retail, and build-to-suit properties across Maryland, North Carolina, Florida, and Virginia.
Sources
Merritt Properties press release via PR Newswire, July 23, 2026