GlobeSt.com EXCLUSIVE: Merritt Island's Victoria Square Sold

MERRITT ISLAND-Shoppes of Victoria Square, a 14-year-old, 110,547-sf retail and office complex 60 miles southeast of Downtown Orlando is under new ownership today.

Victoria Square Partner LLC bought the 100%-leased property at 1450 N. Courtenay Parkway from Equity Investment Group Merritt Island LP for $5.98 million, or about $54.04 per sf. The deal took seven months to close due to environmental issues that had to be resolved on the 13.58-acre tract, Jim Michalak, a senior director in the Tampa office of Cushman & Wakefield of Florida Inc., tells GlobeSt.com.

“There was a nominal amount of dry cleaner contamination and we had to go through the process of getting insurance,” Michalak explains. “Each party had to hire their respective engineering firms, so the process was time consuming.”