Conshohocken-based CenterSquare Investment Management announced on December 19th that it has launched a joint venture partnership with one of the country’s largest state pension funds. The joint venture is focused on institutionalizing the niche of “Essential Service Retail” or the ESR sector. The venture will work to acquire 30 to 40 properties by late 2026. CenterSquare currently has a portfolio of more than 50 ESR properties in the United States.
ESR centers offer communities various services, including food and beverage, fitness, beauty, health and medical, and business services to the public. Most tenants represent regional and national brands and emphasize in-store sold products or provided services.
CenterSquare does not currently own any shopping centers in the Philadelphia region.
