Aspen Real Estate Acquires Foreclosed Shopping Center in Las Vegas

Aspen Real Estate, a private equity real estate investment firm, has acquired the Renaissance III shopping center in Las Vegas. The property, located two miles from the University of Nevada-Las Vegas, spans 225,748 square feet and was purchased for $24.7 million. The deal was facilitated by LNR Property LLC, a special servicer representing the CMBS bond group. Both the seller and buyer were represented by Logic Commercial Real Estate, which Aspen has now appointed as its exclusive leasing agent for the center.

Strategic Acquisition

This marks Aspen’s second foreclosure purchase from Miami-based LNR. Philip Proetto, Aspen’s principal, highlighted the value-add potential of Renaissance III. “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,” said Proetto.

Demographic Advantage

The shopping center serves a densely populated area with 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. Proetto believes that this demographic, combined with a daily car count of 62,000, will attract many retailers. Aspen is already in talks with several local grocers interested in a 60,000-square-foot space.

Current Tenants and Future Plans

Current 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, and other local businesses. Aspen plans to demolish two buildings to make space for quick-serve, drive-thru restaurants with direct visibility to Flamingo Road. Alex Reizner, another principal at Aspen, mentioned that they are also seeking tenants such as big-box family apparel stores, discounters, medical offices, personal services operators, and a fuel/car wash facility.

---

If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.

Explore more Proptech news at proptechbuzz.com/news, for news tips and promotions, reach out to marketing@proptechbuzz.com.