Aspen Real Estate has acquired the underperforming Renaissance III shopping center, located in a highly populated area near the University of Nevada-Las Vegas. The purchase price for this 225,748-square-foot property at the corner of East Flamingo and East Pecos Roads was $24.7 million. The seller, LNR Property LLC representing CMBS bond group, was represented by Las Vegas-based Logic Commercial Real Estate who also represented Aspen as their exclusive leasing agent for the center.
According to principal Philip Proetto of Aspen, “Ren III presents an excellent opportunity for value-add investment.” Despite interest from potential tenants in leasing space at this property before its acquisition by Aspen, previous ownership could not provide funds for improvements. However now with a budget of $7 million allocated towards renovations and tenant improvements by Aspen.
Current tenants include Planet Fitness,America First Credit Union,Nevada Department of Health and Human Services,Ichabod’s restaurant and gaming,Panda Express ,Meineke,and Chaga Root (offering mushroom-based dishes),along with other local businesses.
As part of their plans to revitalize this shopping center,Aspen intends to demolish two buildings on site in order to make room for quick-serve drive-thru restaurants.This strategic move is expected to attract more customers while enhancing overall profitability.
