SAN ANTONIO – (Realty News Report) – Big V Acquisitions LLC has acquired The Rim, a 1.6 million-square-foot open-air retail center in San Antonio, for $219.7 million.
The seller was HGR Liquidating Trust, a fund sponsored by Hines. JLL Capital Markets represented the seller in the transaction.
Located near Loop 1604 and Interstate 10, The Rim is promoted as one of the busiest shopping centers in Texas, drawing significant regional traffic and serving a wide trade area.
This purchase marks Big V Property Group’s first acquisition in Texas. Big V, which operates major offices in Charlotte and Florida, purchased The Rim in a venture alongside Equity Street Capital, with preferred equity provided by Kimco Realty Corporation REIT.
The Rim is the largest open-air shopping center trade by square footage in the U.S. so far this year.
“The Rim is a distinctive retail destination with exceptionally high traffic, major-volume retailers, and a mixed-use environment that includes office, residential, hotels, tourism, a university and a military base nearby. For Big V, this flagship property provides a strong entry into Texas and aligns well with Kimco’s strategic objectives in the state,” JLL said.
The Rim welcomes approximately 16 million visitors annually. The center contains more than 1.6 million square feet of retail space and is 93% leased to prominent national brands, including T.J. Maxx, Nordstrom Rack, Ross Dress for Less, Best Buy, Ulta Beauty, HomeGoods, Hobby Lobby, Total Wine & More and Old Navy. The property features a curated dining mix—from fast-casual to upscale venues such as The Rustic, North Italia, Southerleigh, Bakery Lorraine and Luxor—and is shadow-anchored by major tenants including Target, Lowe’s, Life Time Fitness, Bass Pro Shops, Topgolf and Santikos.
Constructed in phases between 2006 and 2018, The Rim is part of a larger 1.8 million-square-foot mixed-use district that includes residential, office and hotel components. Positioned at 17503 La Cantera in northeast San Antonio, the development sits amid corporate headquarters, entertainment destinations, educational institutions and military installations. The Rim draws from a 10-mile trade area with more than 706,000 residents, lies about 15 miles from downtown San Antonio, and is adjacent to notable neighborhoods such as The Dominion, Sonoma Ranch and Greystone Country Estates.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle and Jeremy Womack, with Analysts Matthew Wheeler and Robby Westerfield.
The JLL Debt and Equity Placement team representing the borrower included Senior Managing Directors Jim Curtin and Christopher Drew, Managing Director Timothy Joyce and Analyst Rex Cruz.
On behalf of the buyer, JLL arranged a three-year, floating-rate, non-recourse loan with an affiliate of Heitman to finance the acquisition.
Hines Global REIT had acquired portions of The Rim through several transactions beginning in 2014.
May 17, 2021 Realty News Report. Copyright 2021.
For readers interested in Texas real estate, consider the book “Houston 2020: America’s Boom Town — An Extreme Close Up” by Ralph Bivins.
File: BIG V Buys Hines Fund Project for $220 Million
Photo: Courtesy JLL
File: (2) Retail. Texas. San Antonio. Big V Buys Hines Fund Project for $220 Million. Kimco Realty Corp. REIT. The Rim.