San Antonio’s The Rim, at 1.6 million sq. ft the largest power center in Texas, has been sold by the Hines Global REIT Liquidating Trust for an undisclosed sum.
Big V Property Group along with partner Equity Street Capital acquired the property in a joint venture arranged by JLL that includes a preferred equity contribution from Kimco Realty Corp. The Rim deal is the largest open-air shopping center trade in square footage in the U.S. to sell year-to-date.
The Rim attracts more than 16 million visitors annually, making it the most trafficked shopping center in the entire state of Texas, according to JLL. It is located at the corner of Interstate 10 and Highway 1604 in Northwest San Antonio, one of the fastest-growing areas in the city.
Phases one through four were completed between 2006 and 2008, and phase five was completed in 2015. Hines became prime owner of the property through acquisitions made in 2014 and 2015.
“The RIM is truly a one-of-a-kind retail center with some of the highest-volume retailers in Texas and with office, residential, hotels, tourism, a university, and a military base surrounding it,” said Chris Gerard of JLL Retail Capital Markets. “For BIG V, this is their first acquisition in Texas. The RIM is a flagship property and will serve BIG V and Kimco well as they look to expand in the Lone Star State.”
Tenants at The Rim include Target, Lowe’s, Bass Pro Shop, Top Golf, T.J.Maxx, Nordstrom Rack, Ross Dress for Less, and Total Wine & More. Restaurants include The Rustic, North Italia, and Southerleigh.