Conshohocken real estate firm CenterSquare Investment Management plans to expand its retail portfolio, writes Paul Schwedelson for the Philadelphia Business Journal.
The firm plans to acquire 30 to 40 shopping centers through 2025. Over $300 million is earmarked for investments according to managing director Rob Holuba.
CenterSquare specializes in essential service retail including food, fitness, beauty, medical and business service space. Typical retail spaces are unanchored suburban properties. A recent example acquisition is the Cedar Hill Shopping Center in Vorhees, New Jersey.
CenterSquare owns 54 properties across the country and plans to expand its Philadelphia area footprint through a new partnership with an undisclosed state pension fund.
In 2024, CenterSquare acquired 13 shopping centers, achieving a 97 percent lease rate. Other acquisitions include spaces in Cedar Park, Texas, Charlotte, North Carolina and Thornton, Colorado.
This year wasn’t just about new acquisitions. The firm relocated from Plymouth Meeting to Eight Tower Bridge in Conshohocken and hired 20 new employees.
“What started out as a hypothesis has grown into a $700 million portfolio, making us one of the largest owners in the country,” said Holuba.
Read more about CenterSquare’s expanding footprint in the Philadelphia Business Journal.
