Office-to-residential conversions have been one of the most popular choices for reviving outdated spaces across the country over the past few years. Through adaptive-reuse practices, many obsolete or vacated buildings have received a new life, but residential uses are not the best fit for all structures and across all markets. In Henderson, Nev., some 16
Aspen Real Estate has purchased Renaissance III, a 226,000-square-foot foreclosed shopping center in Las Vegas, for $24.7 million. Special servicer LNR Property LLC—representing the CMBS bond group—sold the underperforming asset. The deal marks Aspen’s second foreclosure purchase from LNR. Completed in 1987, Renaissance III encompasses eight buildings on some 23 acres. Image courtesy of Aspen. ”
The New Jersey-based firm purchased the 225,748sq ft Renaissance III shopping centre, located two miles from the University of Nevada-Las Vegas, for $24.7M. 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 centre. Renaissance III serves an