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Aspen News

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November 2022

Aspen Reaches Agreement on Sale 

of Industrial Parkway Property

Aspen's sale of the 130,00 sf, Eatontown, NJ property locked in a 240% Return on Investment to Limited Partners over a 4-year investment period. 60% Per yr. Average return on LP Investment with Cash flow distributions at 40% Per Year on LP Investment. Aspen originally acquired the property by purchasing a defaulted mortgage and foreclosing on the mortgage note. The property was sold vacant, to a user thanks to its unique layout of 2 layout 50,000sf floors. 


November 2022

Aspen Acquires Park Hills Plaza

in Altoona, PA

Aspen Real Estate has acquired the 238,000-square-foot, Park Hills Plaza Shopping Center anchored by Weis, Burlington, Dunham Sports and Harbor Freight. Among the Altoona, PA center's 16 current tenants are a number of national brands including Urban Air trampoline park, Aaron's lease-to-own furniture and electronics, Shoe Carnival and Good Will. 

​The shopping center is centrally located in the area's primary retail corridor with more than 35,000 and 24,000 vehicle-per-day traffic on its two main access roads. In addition to high traffic, tenants benefit from low operating costs and low real estate taxes. Three additional vacant units totaling 33,780 sf. increase the center's income potential. Its existing Net Operating Income (NOI) is $1.5 million with a projected NOI of $1.95 million. It has a current Capitalization Rate of 8.6% with an 11.25 % Cap Rate after lease up and renewals.

Aspen projects distribution starting at 8% PA on invested capital, increasing to 15% as vacant space is leased. The Projected Total Return is 20% Per Year average return to Limited Partners on invested capital which includes profit from resale.


May 2022

Aspen Acquires the Cross Creek Shopping Center

in Memphis, TN


Aspen Real Estate has acquired the 262,000-square-foot, Home Depot shadow-anchored Cross Creek Shopping Center in Memphis, TN. The shopping center is located at the intersection of Riverdale Rd. and Winchester Rd.

The property has the best location in the south Memphis area, with an impressive average of 75,000 cars per day. It is located adjacent to the off-ramp of Hwy 385 - Bill Morris Pkwy.


The center has a strong mix of national & regional discount retailers. as well as local Mom & Pop stores. Home Depot is a big customer draw. Ross , DDs , Five Below and Conns have excellent credit.


We acquired the property for $16 million at a 9% Cap Rate on existing NOI. We expect to increase the NOI by leasing the a 35,000sf vacant unit & increasing many of the below market rents. We already have offers from multiple tenants for the 35,000sf .


The property has one PAD with a Drive-thru food tenant. We are exploring converting another 4000sf free standing buildings to Drive-Thru fast food. 


Aspen will be making quarterly distributions of the property's strong cash flow.

UPDATE - November 2022: Contract executed to sell Vineland Shopping Center.
This will lock in profits. February 2023 Closing Date expected.
November 2020
Aspen Real Estate Purchases Vineland, NJ Shopping Center

Aspen Real Estate has acquired the 138,445-square-foot, grocery-anchored Maintree Shopping Center in Vineland, NJ. Built in 1996, the shopping center is located at the intersection of heavily traveled South Main Road and East Chestnut Avenue. 

The property is the dominant shopping destination for the eastern section of Vineland with a strong mix of internet resistant tenants well suited to meet the daily shopping needs of the more affluent East Vineland community.
The center's is anchored by ACME Markets, the leading grocer servicing the southeast side of Vineland. Its health and beauty and fitness tenants include: Anytime Fitness; MedExpress; Quality Dental Care; Eye Deal Vision; GNC; Diamond Nails and Douglas Arthur Salon. 
Additionally the center boasts five restaurant tenants including, Boston Market, Burger King, Pizza Hut, Sino Wok, and Primo Hoagies. These businesses generate a steady flow of customer traffic.

The four pad site tenants Boston Market, Burger King, Pizza Hut and MedExpress offer Aspen the opportunity to sell these assets individually at lower cap rates as single tenant net leased properties.

The proximity of professional and medical offices, a hospital, and an adjacent office complex add significant day time population to the immediate trade area.
The property behind the shopping center is zoned R-3 Residential and was approved for the construction of 450 age-restricted residential units. The trade area has strong demographics with significant growth that is expected to continue as the region’s economy moves away from agriculture to a more diversified employment base with jobs being added in nearly every employment sector.  
Maintree Shopping Center is located in an Urban Enterprise Zone which, in addition to employment benefits, provides a reduced 3.31% sales tax rate (versus the 7% rate charged statewide) to eligible merchants. 
About Aspen Real Estate 

Aspen Real Estate has been purchasing real estate with a "Value Add" upside for 9 years. Aspen recently created their first a Value Add Investment Fund to take advantage of the historic buying opportunity the COVID crisis will present. The Freehold Center is the first purchase of the Fund, which is still open to new investors.

July 2020
Aspen Real Estate and Devli Real Estate Purchase 220,000 SF Freehold, NJ Shopping Center

Aspen Real Estate and Devli Real Estate, in a joint venture, have acquired a 220,000 square foot shopping center in Freehold, NJ from the CMBS bond holder group that had foreclosed on the property approximately 1 year ago.

The joint Venture believes in the Monmouth County retail sub-market and plans to modernize the center which has been neglected for years by prior ownership. Aspen Principal, Phil Proetto, is very excited about the purchase and is moving forward to quickly to install a new facade on the Center, stating, " We are very excited to acquire such a well located shopping center at such a low price per sq. ft. We will have fantastic, immediate cash flow as well as the opportunity to add value through leasing of vacant space and renovation of the Center. We are already in late stage discussions with two national tenants to take additional space. We are planning a new façade that we believe will result in a fully leased shopping center."

Devli's Chief Operating Officer, Christopher Devli, noted that the acquisition was one of the more challenging ones due to the impacts of the COVID-19 pandemic. "The fact that we were able to make a deal and close on this acquisition in the middle of one of the worst pandemics we've seen is a


This is Aspen and Devli’s 3rd transaction together and the second foreclosure property the joint venture has purchased. Prior ro this the JV purchased two office complexes totaling over 300,000 square feet. The shopping center, located at 3651 Route 9 in freehold. NJ is comprised of 4 buildings and is situated on 25.58 acres of land. It is currently 71% leased and anchored by the Burlington Coat Facorty  who recently extended their lease confirming the strength of the Center’s location.


testament to the amazing team we have. With debt markets virtually frozen, we were still able to secure attractive financing due to the relationships we've built and the strength of our balance sheet. We feel this shopping center has incredible upside and we're excited about bringing that to fruition. This will be a trophy asset once we make the necessary improvements and stabilize."

The Joint Venture is very pleased with the acquisition and is actively working on other investments to add to their portfolio. Kathleen Pless of Bogota Savings Bank financed the acquisition and Jackleen Chesler and Mathew Brown of Colliers International brokered the deal.

About Aspen Real Estate 

Aspen Real Estate has been purchasing real estate with a "Value Add" upside for 9 years. Aspen recently created their first a Value Add Investment Fund to take advantage of the historic buying opportunity the COVID crisis will present. The Freehold Center is the first purchase of the Fund, which is still open to new investors.

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