MHCommercial Fund II Buys Shoppes at Victoria Square

MHCommercial Real Estate Fund II, a private equity fund launched by NAI Merin Hunter Codman, acquired Shoppes at Victoria Square on Florida’s Space Coast for $16 million. The 109,000-square-foot shopping center in Merritt Island, about 50 miles east of Orlando near the Kennedy Space Center, was 98% leased at the time of sale.

The property is anchored by Burlington, Five Below, and Ulta Beauty. The seller was an entity doing business as Victoria Square Partners. Avison Young represented the seller, while Kapp Morrison Aker LLP represented the TIC buyers, Ocala North Partnership, which includes Charles Wayne Properties, NAI Burns Scalo, and MHCommercial Fund II.

NAI Merin Hunter Codman will manage the center, and Rocket City Commercial Real Estate will lease it on behalf of the new ownership. BankUnited provided financing.