Plymouth Meeting real estate investor CenterSquare Investment Management looks to expand portfolio and buys property in California, reports Ben van der Meer for the Philadelphia Business Journal.

CenterSquare Investment Management, based out of Plymouth Meeting, recently bought 45,000 square foot Waterman Grove Plaza in Elk Grove, outside of Sacramento, California, for $17.25 million.

“You can’t get your hair cut online,” said Rob Holuba, CenterSquare’s managing director, noting the company looks for property that has food, beverage, beauty, and professional services professionals as tenants. “This center captures all of that from a tenant perspective.”

Currently 90% of the property is leased with companies such as Panda Express, Jamba Juice, and Supercuts.

This is the first CenterSquare Investment Management retail purchase in the Sacramento area, and they say it won’t be the last purchase here.

“When we buy, we look to grow our local portfolio,” Holuba said. “We’re excited about upgrading the center and bringing new energy to the community.”

Read more about Plymouth Meeting-based CenterSquare Investment Management’s real estate purchase in California of Waterman Grove Plaza in Elk Grove in the Philadelphia Business Journal.