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Carnegie-Weinberg Venture Pursues Neighborhood Center Strategy
Carnegie-Weinberg, a real estate venture launched by Carnegie Companies and Weinberg Capital Group, has acquired Sangamon Center North Shopping Center in Springfield, IL for an undisclosed sum.
The property is a neighborhood center of approximately 140,000 square feet. With a Schnucks supermarket as its longstanding anchor, it includes a mix of local and national tenants.
“Sangamon offered a unique value proposition based on its location, historical stability and daily needs/service-oriented tenancy,” said Carnegie’s Cole Pesses. ”When combined with the risk-adjusted yield, it was an easy deal to prioritize.”
WCG’s John Herman said the Sangamon deal “aligns with our strategy of acquiring smaller neighborhood shopping centers in secondary and tertiary markets with service-oriented tenancy. We are very bullish on this sub-sector of retail real estate, and intend to make a series of investments within this strategy.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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