After missing the mark on lease stability, the sale of this 225,748-square-foot Las Vegas retail center could infuse the region's central east submarket with an infusion of economic vitality.
The property attracted 13 qualified offers after two months on the market, eventually trading for nearly $3 million more than the broker price option. The sale of the property, dubbed Renaissance III, was selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards Sale of the Year for Las Vegas.
The buyer, New Jersey's Aspen Real Estate, proposed an attractive redevelopment plan for the property that was about 44% leased at the time of sale. The brokerage team also worked to identify a possible large grocery tenant for the property, possibly serving as an anchor and energizing both the shopping center and the high-traffic intersection where it's located. The planned tenant mix, which also encompasses a discount retailer, quick-service restaurants and other retail options, is poised to serve the surrounding community's needs effectively.
The sale, and the new ownership's planned $7 million in investments and concrete leasing tactics, could mean a boost for the local retail economy, which boasts north of 200,000 residents within a 3-mile radius. Aiming the pave the way for drive-thru restaurants, the buyer does plan to raze two existing buildings in the complex.
About the project: The freestanding retail center at 3230-3370 E. Flamingo Road sold for $24.7 million and sits on roughly 22 acres in the core of Las Vegas. The sprawling property offers more than 1,000 surface-level parking spaces.
What the judges said: "This property can be a flagship property in this neighborhood that sorely needed an economic infusion," said Kim Henry Keller Williams VIP/KW Commercial. "It looks like the new owner is committed to making this contribution to this eastside neighborhood center."
They made it happen: Elena Otter, Logic Commercial Real Estate; Jason Otter, founding partner, Logic Commercial Real Estate; Bart DeBuono, broker, Logic Commercial Real Estate; Cooper Powell, senior associate, Logic Commercial Real Estate; Madeline Nuha, associate, Logic Commercial Real Estate.