Private Equity Firm Purchases Foreclosed Las Vegas Shopping Center for $24.7 million
LAS VEGAS, NV – Renaissance III, an “underperforming” Las Vegas shopping center that recently went into foreclosure, has been purchased by Aspen Real Estate for $24.7 million, as announced by the New Jersey-based private equity real estate investment firm via a press release on Monday.
The 225,748-square-foot property, located in a heavily-populated area two miles from the University of Nevada-Las Vegas at the corner of East Flamingo and East Pecos Roads, was acquired by Aspen from LNR Property LLC, representing the CMBS bond group.
Las Vegas-based Logic Commercial Real Estate, which represented both parties during the transaction, has also been made Renaissance III’s new leasing agent as well.
On the announcement of the sale, Philip Proetto of Aspen pointed out the firm’s long history of investing in foreclosed retail and commercial properties, and stated that he was looking forward to improving the facility and leasing its units to interested parties as soon as possible.
Our history of purchasing foreclosure property helped us secure the contract. Ren III represents a fantastic Value Add opportunity,” Proetto said. “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.”
This acquisition was especially of interest to Aspen, as Renaissance III is located in a very densely-populated area; within a five-mile radius, there are approximately 182,541 households with a total number of 465,278 residents, each and every one of them a potential customer for the shopping center.
We believe this powerful demographic, combined with a 62,000-per-day car count, will attract numerous retailers,” said Proetto.
Current Renaissance III tenants include multiple national chains, such as Planet Fitness, America First Credit Union, Ichabod’s restaurant and gaming, and Panda Express, as well as the Nevada Department of Health and Human Services and several smaller, locally-owned businesses. In addition, Aspen is currently offering a 60,000-square-foot space in the center to several supermarket owners.
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