Conshohocken, Pennsylvania-based CenterSquare has acquired four retail properties, adding to the firm’s essential service retail portfolio.

The latest additions bring CenterSquare’s portfolio to 80 properties nationwide. The acquisitions include the Trade Court Shoppes in Charlotte, the Deer Valley Shops in Phoenix, Lake Mead Gateway Plaza in Henderson, and The Shops at Foothills Mall in Fort Collins.

The Trade Court Shops is a 100% occupied property spanning 14,721 square feet and is the company’s 10th property in the Charlotte MSA. Deer Valley Shops features 17,043 square feet of retail space and is 83% leased. It is CenterSquare’s seventh property in the Phoenix MSA.

Lake Mead Gateway Plaza is a 19,671-square-foot retail center that is 100% occupied and marks the firm’s sixth acquisition in the Las Vegas MSA. CenterSquare’s fourth Colorado property, The Shops at Foothills Mall, is a 111,220-square-foot asset that is currently 88% leased.

CenterSquare Investment Management has announced a joint venture partnership with one of the country’s largest state pension funds. The joint venture 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.