Philadelphia investor pays $29M for Pasco County shopping center

CenterSquare Investment Management, a suburban Philadelphia real estate firm, has bought the Pasco County shopping center the Hub at Bexley.

The firm, according to a statement, bought the 50,300-square-foot Land O’ Lakes shopping center in part because it “fits our thesis to target service-oriented retail” and also serves as a gathering space.

The Conshohocken, Pennsylvania, firm did not disclose a purchase price, but Pasco records show it paid $28.75 million.

The seller is Tampa-based Center Connect Development. It paid $2.18 million for the property in 2019, according to county property records.

CenterSquare says the center, which is in the Bexley community, is fully occupied with a tenant roster that includes Trek Land O’Lakes, Wolfgang Bakery & Grooming and Elite Martial Arts along with Urban Crunch Creamery Café, Taco Bus and Stillwaters Tavern.

The mix, says the firm, is made up of 90% local and regional tenants that include eateries offering breakfast, lunch and dinner as well as a nail salon and a barbershop and fitness opportunities.

The center also doubles as an entertainment venue with weeknight and weekend events “making it a community hub essential to the surrounding area,” CenterSquare says in the statement.

This purchase brings the firm’s national portfolio to 87 properties.