{"id":1004158194,"date":"2016-11-03T23:16:14","date_gmt":"2016-11-04T07:16:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004158194"},"modified":"2020-05-18T23:14:14","modified_gmt":"2020-05-19T07:14:14","slug":"carnegie-joins-forces-with-weinberg-capital","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carnegie-joins-forces-with-weinberg-capital\/","title":{"rendered":"Carnegie Joins Forces with Weinberg Capital"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004158195\" style=\"width: 177px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Herman.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004158195\" data-attachment-id=\"1004158195\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/carnegie-joins-forces-with-weinberg-capital\/herman\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Herman.jpg\" data-orig-size=\"167,168\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Herman\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Herman.jpg?w=167\" class=\"wp-image-1004158195 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Herman.jpg\" alt=\"John Herman\" width=\"167\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Herman.jpg 167w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Herman.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 167px) 100vw, 167px\" \/><\/a><p id=\"caption-attachment-1004158195\" class=\"wp-caption-text\">John Herman<\/p><\/div>\n<p><strong>Greenville, Mich.<\/strong>\u2014<a href=\"https:\/\/carnegiecos.com\/\" rel=\"nofollow\" target=\"_blank\">Carnegie Cos.<\/a> and <a href=\"https:\/\/www.weinbergcap.com\/\" rel=\"nofollow\" target=\"_blank\">Weinberg Capital Group Inc.<\/a>, have partnered to form Carnegie-Weinberg, and have already acquired three shopping centers in Greenville, Mich., totaling approximately 174,000 square feet.<\/p>\n<p>\u201cCarnegie-Weinberg believes that the timing is good to acquire shopping centers in tertiary markets at reasonable valuations. Carnegie has a multi-decade history doing this quite successfully,\u201d John Herman, WCG director, principal &amp; manager of the firm\u2019s real estate investments, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. \u201cWeinberg Capital Group has been exploring ways to layer our private equity and asset management expertise model in the real estate asset class. Both parties just came together at the right time to scale up the portfolio.\u201d<\/p>\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">shopping center<\/a> portfolio includes The Marketplace, a 65,291-square-foot shopping center; Greenville West, a 100,752-square-foot center; and Hathaway Circle, a 8,032-square-foot center. The three retail centers are located in close proximity to each other and neighbor a Meijer Grocery and Walmart. The properties include strong historical occupancy rates from a diverse base of leading national tenants.<\/p>\n<p>CW has already initiated a program to upgrade all three centers.<\/p>\n<p>The partnership marries Carnegie\u2019s long history of successfully identifying, acquiring and managing real estate portfolios with WCG\u2019s capital base, asset management expertise, and long track record building successful enterprises. The strategy of the joint venture will be to look to opportunistically acquire and manage properties in a variety of segments, including: multifamily, office, industrial, and with a core focus on retail shopping centers.<\/p>\n<p>\u201cThe Greenville, Michigan portfolio fits precisely within our thesis of acquiring well-located, stable shopping centers in markets outside of large cities,\u201d Herman said. \u201cThe most important criteria Weinberg Capital Group considers for any investment is that we are partnering with world-class management. We believe Carnegie is in fact best-in-class at what they do in the real estate business.\u201d<\/p>\n<p>Looking ahead, Herman said he would expect the company to acquire another 3-4 properties in 2017 to add to the portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The combined company has already purchased three retail centers in Greenville, Mich.<\/p>\n","protected":false},"author":451,"featured_media":1004158195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21783,13,21742,21749],"tags":[],"class_list":["post-1004158194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-investment","category-midwest","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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