A foreclosed East Las Vegas shopping center is set to undergo renovations and redevelopment after an investment real estate firm purchased it earlier this year for $24.7 million.
New owner, New Jersey-based Aspen Real Estate, plans to invest $7 million in the renovation and looks to add a grocery store to Renaissance III shopping center, which is at the intersection of East Pecos and East Flamingo roads, the firm said in a news release.
Aspen Real Estate is already in talks with “several” local grocers about opening a space in the shopping center, the news release said. A spokesperson for Aspen Real Estate said the long-term goal for the shopping center is to make a “thriving community, with a fantastic grocer.”
The renovations at Renaissance III will include touching up roofs and empty tenant spaces and demolishing two vacant buildings to make way for drive-thru restaurants that can have visibility to Flamingo Road, said an Aspen Real Estate spokesperson.
The shopping center, which is about 226,000 square feet, currently has a mix of tenants that include Planet Fitness, Panda Express, America First Credit Union and Ichabod’s Lounge.
Renaissance III’s location along Flamingo Road, and being within a three-mile radius of just under 91,000 homes and 203,000 residents makes the center appealing to Aspen Real Estate, said Philip Proetto, a principal for Aspen.
“We believe this powerful demographic, combined with a 62,000-per-day car count, will attract numerous retailers,” Proetto said in a statement.
The Renaissance III shopping center was purchased in foreclosure from the Miami-based real estate firm LNR Property, locally Logic Commercial Real Estate represented both sides in this deal, the release said.
Some portions of the renovations are waiting on permits to be approved and other renovations will be done as space in the center gets leased, said a spokesperson for Aspen Real Estate.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.