Carnegie Companies is pleased to announce the sale of a 9,100 sf 4-tenant strip center in Stephenville, TX. Carnegie acquired the larger (98,000 sf) University Plaza in 2017. Since the acquisition, Carnegie has stabilized the asset with new long-term leases to Harbor Freight and Anytime Fitness, among others. Carnegie has also developed a free-standing Scooter’s Coffee drive-thru and completed a full façade renovation at the property over the last year, while simultaneously re-platting the property into 4 distinct tax parcels. By acquiring the full property at an attractive in-place yield and selling the outparcel strip center in today’s competitive market, Carnegie took advantage of a cap rate arbitrage situation to enhance the investment yield and will look to deploy these proceeds into other higher yielding opportunities.