Carnegie-Weinberg, a real estate venture launched by Carnegie Companies Inc and Weinberg Capital Group Inc, has acquired Sangamon Center North Shopping Center in Springfield, Illinois. No financial terms were disclosed.
CLEVELAND, Jan. 16, 2019 /PRNewswire/ — Carnegie-Weinberg (“CW”), a real estate venture launched by Carnegie Companies, Inc. (“Carnegie”), a leading multi-state real estate owner/property manager, and Weinberg Capital Group, Inc. (“WCG”), a family office that focuses on private equity and invests in middle market operating companies and real estate, announces the acquisition of Sangamon Center North Shopping Center (“Sangamon”) in Springfield, Illinois.
The property is an approximate 140,000 square foot neighborhood shopping center that is anchored by Schnucks grocery store, a 20+ year tenant.
Sangamon is a highly stable center with strong historical occupancy rates from a diverse base of national and local tenants. CW has already initiated a program to upgrade the center.
Sangamon is one in a series of acquisitions as CW seeks to build a portfolio of attractive small to mid-size neighborhood shopping centers located in secondary and tertiary markets. The partnership leverages Carnegie’s long history of successfully identifying, acquiring and managing real estate portfolios with WCG’s capital base, asset management expertise, and long track record of building successful enterprises.
According to John Herman, Director & Principal at WCG and manager of the firm’s real estate investments, “This property 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.”
“Sangamon offered a unique value proposition based on its location, historical stability, and daily needs/service-oriented tenancy; when combined with the risk-adjusted yield, it was an easy deal to prioritize,” stated Cole Pesses, Head of Acquisitions and Business Development at Carnegie.
Commenting on the CW partnership, Chip Weinberg, Managing Director & Principal at WCG stated, “We are excited about our partnership with Carnegie and believe that there remain many opportunities to purchase stable cash flowing centers that exhibit resilience even with the growth in e-commerce.”
CW is actively pursuing new real estate opportunities.
Headquartered in Solon, Ohio, Carnegie is an affiliated group of privately-owned, multi-state real estate investment companies. Established in 1927, Carnegie is now under its fourth generation of family ownership. The senior leadership team includes the firm’s principals, Paul Pesses and Peter Meisel, as well as Fred Scalese and Cole Pesses. Carnegie currently owns or holds a significant interest in approximately 40 properties located across the U.S.
Weinberg Capital Group
WCG is a private equity firm that has been successfully buying companies for decades and serves as the family office for the Weinberg Family. The firm’s principals include Ron Weinberg, Chip Weinberg, John Herman and Nick Leiby. The firm maintains a long and successful track record in both private equity and real estate investing. The firm’s private equity portfolio includes six operating companies in a broad range of industries including manufacturing, business services, aviation services, consumer products, and value-added distribution.