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.

The Allen Morris Co. and the Alaska Permanent Fund Corp. are joining forces on a 253-unit multifamily project in Sarasota. The duo secured an $83 million construction loan for the Bayside Sarasota from Kennedy Wilson. The project, which will be at 850 Cocoanut Avenue, is scheduled for two phases. The second phase will include a 96-unit tower that will break ground this fall. Phase I construction has started the is expected to be delivered in the fall of 2026.

Phase One’s five-story building will include one-,two- and three bedroom units with ground floor retail. Amenities will include a rooftop pool, fitness center and a restaurant. Development partners include general contractor Brasfield & Gorrie, architecture firm Dwell Design Studio.

The location is close to downtown Sarasota as well as shopping and dining venues. It’s one block from the $200 million The Bay Park Redevelopment project.