Aspen Real Estate has acquired the underperforming Renaissance III shopping center in a highly populated area near the University of Nevada-Las Vegas. The 225,748-square-foot property, located at the intersection of East Flamingo and East Pecos Roads, was purchased for $24.7 million from special servicer LNR Property LLC on behalf of CMBS bond group. Logic Commercial Real Estate, based in Las Vegas, represented both parties involved in this transaction and has been appointed as Aspen’s exclusive leasing agent for the center.
According to principal Philip Proetto from Aspen Real Estate: “Ren III presents an excellent opportunity for value enhancement. Despite interest from potential tenants, previous ownership could not provide funding for improvements. We have allocated $7 million towards renovations and tenant upgrades.” Current tenants include Planet Fitness,America First Credit Union,Nevada Department of Health and Human Services,Ichabod’s restaurant with gaming,Panda Express ,Meineke,and Chaga Root (offering mushroom-based dishes), along with various local businesses.
As part of their plans to revitalize the shopping center,Aspen intends to demolish two buildings to make room for quick-service restaurants featuring drive-thru options.The recent acquisition by Aspen marks a promising future ahead for Renaissance III under new management.
