CenterSquare has expanded its essential service retail holdings with the acquisition of three shopping centers, including a fully leased property in the Seattle area. With these latest transactions, the firm now owns 74 retail assets across the United States. The purchases align with CenterSquare’s focus on necessity-based retail, anchored by tenants that draw consistent customer traffic.
The company acquired the Normandy Park shopping center, a 25,414-square-foot retail property located approximately 14 miles from downtown Seattle. The center consists of three buildings and is reported to be 100% leased, indicating a stabilized, income-producing asset at the time of acquisition. Normandy Park is CenterSquare’s second retail asset in the Seattle region and benefits from its proximity to the Seattle–Tacoma International Airport, a major transportation hub for the metro area.
The Normandy Park property is located at 19803 1st Avenue S. and is anchored by Grocery Outlet, which recently signed a new 10-year lease. This long-term commitment from a discount grocer underscores the necessity-based profile of the center’s tenant mix. Additional tenants at the property include Papa John’s, Ace Hardware, Subway, and Edward Jones, providing a blend of food, home improvement, and financial services offerings that serve the surrounding community.
In addition to the Normandy Park acquisition, CenterSquare broadened its essential service retail portfolio with two other purchases in the Southeast. The firm acquired the Shoppes at Indian Trail, a 33,129-square-foot retail plaza in Charlotte, North Carolina. It also bought the 22,000-square-foot Saxon Shops center in Altamonte Springs, Florida. While specific tenant rosters for these two properties were not detailed, they are grouped with Normandy Park as part of the firm’s essential service retail strategy.
Collectively, the three assets demonstrate CenterSquare’s ongoing activity in the multi-tenant retail sector and its emphasis on properties anchored or supported by retailers that provide everyday goods and services. By adding a fully leased, grocery-anchored center near Seattle, along with neighborhood retail centers in North Carolina and Florida, the firm has further diversified its national footprint while remaining focused on a defined investment theme. Terms of the transactions, including pricing and capitalization metrics, were not disclosed.
