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New owner acquires Renaissance III center in Las Vegas

Aspen Real Estate has acquired a new property in Las Vegas which recently underwent foreclosure.

The New Jersey-based firm purchased the 225,748-sq.-ft. Renaissance III shopping center, located two miles from the University of Nevada-Las Vegas, for $24.7 million. Las Vegas-based Logic Commercial Real Estate represented both the seller and buyer on the transaction. Aspen has since appointed Logic as its exclusive leasing agent for the center.

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Renaissance III serves an immediate market of 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. Existing tenants at Renaissance III include Planet Fitness, America First Credit Union, Nevada Department of Health and Human Services, Ichabod's restaurant and gaming, Panda Express, Meineke, Chaga Root (mushroom-based dishes), and other local businesses.

“Ren III represents a fantastic value-add opportunity,” said Aspen principal Philip Proetto. “We believe this powerful demographic, combined with a 62,000-per-day car count, will attract numerous retailers. Aspen is already speaking with several local grocers that are interested in a 60,000-sq.-ft. Box.”

Aspen said it plans to expand the center by demolishing two buildings to make space for quick-serve, drive-thru restaurants. Other types of tenants being sought by Aspen include big-box family apparel, discounters, medical offices, personal services operators, as well as a fuel/car wash facility.

Founded in 2011, Aspen currently owns and manages 1.2 million sq. ft. of property in New Jersey, Pennsylvania, Tennessee, and Nevada.

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