Banking & Finance, Real Estate, and Retail

Ohio partners buy shopping centers

November 3, 2016
| By Pat Evans |
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The Marketplace shopping center Greenville
The Marketplace shopping center in Greenville is more than 65,000 square feet and has 17 tenants. Courtesy Carnegie-Weinberg

A partnership formed by a real estate investment firm and a private equity firm has purchased three West Michigan shopping centers.

Solon, Ohio-based Carnegie Companies and Cleveland-based Weinberg Capital Group said yesterday they’ve formed Carnegie-Weinberg, or CW, a real estate investment partnership, and CW has acquired shopping centers in Greenville.

Greenville properties

CW has acquired The Marketplace, Greenville West and Hathaway Circle and begun an upgrade to all the centers.

The three shopping centers are 174,000 square feet total, close to each other and near a Meijer and Walmart.

The Marketplace has more than 65,000 square feet and 17 tenants, including Spectrum Health, TrueValue and Snap Fitness.

With 100,750 square feet, CW said Greenville West is the largest shopping center in Greenville. The tenants at Greenville West include JCPenney, Sears, Dollar General and Dollar Tree. Walgreens, Big Boy, Little Caesar’s and KFC make up the center’s out lots.

Hathaway Circle has 8,030 square feet of retail and office space.

Carnegie-Weinberg

A fourth-generation family operation, Carnegie Companies was founded in 1927 and owns and manages  45 properties in multiple states: Arkansas, California, Colorado, Florida, Illinois, Indiana, Louisiana, Michigan, Mississippi, New York and Ohio.

The seven companies in Weinberg Capital Group's portfolio together generate more than $275 million in annual revenue.

Carnegie-Weinberg is seeking to acquire and operate small and mid-size shopping centers in secondary and tertiary markets, preferably anchored by a grocery store.

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