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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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