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.
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 philip@aspenreadvisors.com or Reizner at
alex@aspenreadvisors.com.
For leasing information on Renaissance III, contact,
Jason Otter, jotter@logicCRE.com
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, 379940@email4pr.com,
(908) 789-0700.
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SOURCE Aspen Real Estate