You could try setting the textbox Can Grow property to yes, then it should word wrap. However, I don't think there is a way to center vertically; not even if you increase the Top and Bottom Padding values for the textbox.
EDIT -
I don't think there is a way to center vertically
I meant by setting control properties since IIRC, there is no option to center text vertically. Maybe by using code to determine the height of every textbox on a row, choose the largest (assuming that is because it expanded) then doing some math to change the position of the rest of them, relative to the position of the expanded one. Too much work for zero payback, even if it works - unless you find some ready to use code.
The more we hear silence, the more we begin to think about our value in this universe.
Paraphrase of Professor Brian Cox.