Aspen Real Estate purchased the underperforming Renaissance III shopping center, situated in a densely populated area near the University of Nevada-Las Vegas.
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 a 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.
Aspen principal Philip Proetto stated, “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 them money for improvements. Aspen has allocated $ $7 million for renovations and tenant improvements.”
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.
Aspen plans to demolish two buildings to make space for quick-serve, drive-thru restaurants.