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Shoppes Of Victoria Square 1450 N Courtenay Pky 108,975 SF 98% Leased Retail Building Merritt Island, FL 32953 For Sale

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Investment Highlights

Prime location
Value-add potential
Favorable market dynamics

Anchored by national tenants
Recent renovations
Triple-net leases

Executive Summary

Avison Young is pleased to exclusively offer for sale the Shoppes of Victoria Square (“the Property”), a 98% leased, ±108,975 SF retail center located along Merritt Island’s primary commercial corridor. The Property recently underwent a major $8M capital improvements program and features a strong mix of national tenants including Burlington, Ulta, and Five Below, each secured under new long-term leases.
Situated on ±13.58 acres with signalized access and outstanding visibility to over 30,000 vehicles per day, the Property benefits from excellent access, ample surface parking, and more than 400 feet of frontage along Courtenay Parkway. Nearly all leases are structured as triple-net, offering stable cash flow with minimal landlord obligations.
Two undeveloped outparcels offer investors a clear path to near-term value creation, while upcoming lease maturities present opportunities to mark rents to market. With its strong tenant lineup, significant recent capital improvements, and embedded upside, Shoppes of Victoria Square is a high-performing retail asset in a rapidly growing Florida submarket.

Victoria Square - Flyer

Co-Broker CA- Shoppes of Victoria Square

Property Facts

Sale Type

Investment

Property Type

Retail

Building Size

108,975 SF

Building Class

Year Built

1989

Percent Leased

98%

Tenancy

Multiple

Building Height

1 Story

Loading Docks

1 Exterior

Building FAR

0.18

Lot Size

13.58 AC

Zoning

GML, County - Commercial

Parking

381 Spaces (3.5 Spaces per 1,000 SF Leased)

Frontage

287’ on Artemis Blvd

Dedicated Turn Lane
Freeway Visibility

Pylon Sign
Restaurant

Signage

Air Conditioning

Retailer
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Jan 0000

Burlington Stores is a publicly traded off-price retailer headquartered in Burlington, New Jersey. Founded in 1972 as Burlington Coat Factory, the company initially specialized in discounted outerwear before expanding into a broad range of merchandise, including apparel for women, men, and children, footwear, accessories, home décor, toys, and beauty products. Burlington operates stores across the United States and Puerto Rico under the Burlington banner, following a model that offers branded merchandise at significant discounts compared to traditional retailers. The company went public in 2013 and trades on the New York Stock Exchange under the ticker symbol BURL. Burlington has grown into a Fortune 500 company and continues to expand its footprint nationwide. As of 2025, the retailer maintains more than 1,100 locations and emphasizes a dynamic inventory strategy to deliver value-driven shopping experiences.

Retailer
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Jan 0000

Five Below is a U.S. value-focused specialty retailer headquartered in Philadelphia, Pennsylvania. Founded in 2002, the company provides a broad assortment of trend-driven merchandise targeted primarily at teens, tweens, and value-seeking consumers. Its stores feature multiple categories including accessories, tech items, beauty products, décor, crafts, games, fitness gear, toys, candy, and seasonal merchandise. Five Below’s merchandising strategy emphasizes fun, novelty, and affordability, with most items priced between $1 and $5, complemented by select higher-priced “Five Beyond” product lines. The corporate headquarters oversees store operations, merchandising, supply chain, marketing, e-commerce strategy, and investor relations for its expanding retail footprint.

Retailer
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Jan 0000

Ulta Beauty is a U.S.-based beauty retailer headquartered in Bolingbrook, Illinois. Founded in 1990, the company was created by Terry Hanson and Dick George with the goal of offering a wide range of beauty products across both prestige and mass categories. Ulta Beauty has expanded nationally and now operates stores featuring cosmetics, fragrance, skincare, and haircare, along with in-store salons providing hair, skin, and brow services. As a publicly traded company, Ulta oversees merchandising, store operations, marketing, e-commerce, and supply chain strategy from its Illinois headquarters. The organization continues to grow through retail expansion, partnerships, and private-label development.