Aspen Real Estate Acquires Another Foreclosed Property, Adding 226,000-S/F Shopping Center in Las Vegas

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Aspen Real Estate

Jul 08, 2024, 08:41 ET

New owner moves to renovate and re-brand 60% vacant center.

LAS VEGAS, July 8, 2024 /PRNewswire/ -- Aspen Real Estate, a private equity, real estate investment firm, has purchased the underperforming Renaissance III shopping center, situated in a densely populated area two miles from the University of Nevada-Las Vegas.

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From its location at East Flamingo and East Pecos Roads in Las Vegas, Renaissance III serves a total market of 465,000 residents within a 5-mile radius. The center's new owner, Aspen Real Estate, plans to renovate and re-brand the 226,000-sq.-ft. property.
From its location at East Flamingo and East Pecos Roads in Las Vegas, Renaissance III serves a total market of 465,000 residents within a 5-mile radius. The center's new owner, Aspen Real Estate, plans to renovate and re-brand the 226,000-sq.-ft. property.
Planet Fitness is among the key tenants at Renaissance III, which is located just two miles from the University of Nevada-Las Vegas.
Planet Fitness is among the key tenants at Renaissance III, which is located just two miles from the University of Nevada-Las Vegas.

Freehold, NJ-based Aspen paid $24.7 million for the 225,748-square-foot property located at the corner of East Flamingo and East Pecos Roads. The seller was special servicer LNR Property LLC, representing the CMBS bond group. Las Vegas-based Logic Commercial Real Estate represented both the seller and buyer on the transaction. Aspen has since appointed Logic as its exclusive leasing agent for the center.

This is Aspen's second foreclosure purchase from the Miami-based LNR.

Aspen principal Philip Proetto stated: "Our history of purchasing foreclosure property helped us secure the contract. Ren III represents a fantastic Value Add opportunity. Various tenants have wanted to lease space at the property, but the bond group could not offer tenants money for improvements. Aspen has allocated $7 million for renovations and tenant improvements."

Renaissance III serves an immediate market of 203,000 residents in 90,875 households within a three-mile radius, and a total market of 465,278 residents in 182,541 households within five miles. "We believe this powerful demographic, combined with a 62,000-per-day car count, will attract numerous retailers," said Proetto. Aspen is already speaking with several local grocers that are interested in a 60,000-square-foot box, he added.

Existing tenants include Planet Fitness, America First Credit Union, Nevada Department of Health and Human Services, Ichabod's restaurant and gaming, Panda Express, Meineke, Chaga Root (mushroom-based dishes), and local business operators.

In addition, Aspen plans to demolish two buildings to make space for quick-serve, drive-thru restaurants with direct visibility to Flamingo, said Aspen Principal Alex Reizner.

Other types of uses being sought include big-box family apparel, discounters, medical offices, personal services operators, as well as a fuel/car wash facility. 

Sellers or brokers with acquisition opportunities can contact Proetto at [email protected] or Reizner at [email protected].

For leasing information on Renaissance III, contact, Jason Otter, [email protected]

About Aspen Real Estate

Founded in 2011, Aspen Real Estate is a private equity real estate investment firm providing investors access to the high yielding, "Value Add" real estate sector. As a vertically integrated investment and management firm, Aspen controls all aspects of identifying and securing properties to purchase, as well as ongoing property management. Aspen currently owns and manages 1.2 million square feet of property in New Jersey, Pennsylvania, Tennessee and Nevada. For more information, visit www.aspenrea.com

Media contacts: At Jaffe Communications, Elisa Krantz, [email protected], (908) 789-0700.

SOURCE Aspen Real Estate