CenterSquare Launches Essential Service Retail Joint Venture
CONSHOHOCKEN, Pa., Dec. 19, 2024 /PRNewswire/ -- CenterSquare Investment Management (CenterSquare) today announced a joint venture (JV) partnership with one of the country's largest state pension funds. The JV is focused on institutionalizing the niche Essential Service Retail (ESR) sector and seeks to acquire 30 to 40 properties by late 2026.
CenterSquare's ESR strategy invests in e-commerce-resistant, high-quality service retail properties that meet specific investment criteria at attractive pricing. Utilizing a data-driven approach, CenterSquare's ESR team identifies and invests in neighborhood shopping centers located in high-growth markets. These centers offer essential services, including food and beverage, fitness, beauty, health and medical, and business services to the public. ESR tenants are regional and national brands whose customers must physically visit the store to consume the service or product.
CenterSquare's existing ESR portfolio currently spans 50 properties across the United States. With this new programmatic joint venture, CenterSquare will seek to nearly double the size of its ESR portfolio over the next two years.
About CenterSquare
Founded in 1987, CenterSquare Investment Management is an independent, employee-owned real asset manager focused on listed real estate, private equity real estate and private real estate debt. As a trusted fiduciary, our success is firmly rooted in aligning our interests with those of our clients, partners and employees. CenterSquare is headquartered in suburban Philadelphia, with offices in New York, Los Angeles, London and Singapore. With more than $15 billion in assets under management (August 2024), CenterSquare is proud to manage investments on behalf of some of the world's most well-known institutional and private investors. For more information, please visit www.centersquare.com.
CenterSquare Media Contact:
Jansel Murad
Dukas Linden Public Relations
(646) 722-6537
jansel@dlpr.com
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SOURCE CenterSquare Investment Management