The private equity real estate investment firm Aspen Real Estate announced its $24.7 million foreclosure purchase of the Las Vegas-based Renaissance III, which it described as underperforming shopping center.
Located two miles from the University of Nevada-Las Vegas, the 226,000-square-foot Renaissance III serves a total market of 465,000 residents within a five-mile radius. Freehold New Jersey-based Aspen Real Estate stated it would rebrand and renovate the property, with plans to demolish two buildings to make space for quick-serve drive-thru restaurants.
Existing tenants at the property 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 local business operators.
The transaction is the company’s second foreclosure purchase from the Miami-based LNR Property LLC. Las Vegas-based Logic Commercial Real Estate represented both the seller and buyer on the transaction and will serve as the exclusive leasing agent for the center.
“Our history of purchasing foreclosure property helped us secure the contract,” said Philip Proetto, a principal at Aspent. “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.”
