First Merritt Plaza | Value Add Opportunity

Highlights:

• VALUE-ADD OPPORTUNITY - This shopping center presents a compelling value-add investment with over 50% of the gross leasable area currently vacant, allowing a new owner to unlock substantial upside. By leveraging the strong demand for retail space in Merritt Island and executing a focused leasing strategy, investors can significantly increase NOI through lease-up at current market rental rates.
• STRATEGIC LOCATION - The property benefits from a high-visibility outparcel position to a Publix-anchored center, placing it within the epicenter of Merritt Island’s most trafficked retail corridor along Courtenay Parkway. This corridor is the primary north-south thoroughfare for the island and sees strong local and regional shopper activity.
• FLORIDA ADVANTAGE - Situated in Florida, the asset benefits from the state’s business-friendly environment, including: no state income tax (boosting investor returns), pro-growth policies and a consistently strong in-migration trend, and access to a growing base of residents and businesses relocating from higher-tax states
• ROBUST DEMOGRAPHICS - The trade area surrounding 110 S Courtenay Pkwy is supported by strong demographic fundamentals that fuel sustained retail demand. Within a 5-mile radius, the average household income exceeds $90,000, reflecting significant local spending power. The area is also experiencing 2% annual population growth, which supports long-term tenant stability and drives increased demand for retail and service-oriented businesses. Additionally, a diverse mix of residential neighborhoods, commercial developments, and educational institutions in close proximity contributes to consistent daily foot traffic.

Description:

Matthews Real Estate Investment Services is pleased to bring to market a prime retail outparcel located at 110 S Courtenay Parkway, Merritt Island, FL 32952. This value-add opportunity is situated directly adjacent to a top-performing Publix and benefits from strong visibility and foot traffic within one of Merritt Island’s most active commercial corridors. With over 50% vacancy, the property presents significant upside through lease-up at current market rents. Located in the income tax-free state of Florida, investors will benefit from a favorable tax environment in addition to strong local demographics, including an average household income exceeding $90,000 within a five-mile radius and annual population growth of 2%. Surrounded by national retailers such as Walgreens, CVS, Starbucks, and Merritt Square Mall, the property is well-positioned for long-term success. This rare outparcel offering combines immediate value-add potential with strategic location advantages and long-term market fundamentals.

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