JLL Capital Markets announced that it has closed the sale of and arranged acquisition financing for the RIM, the most visited mixed-use, open-air shopping center in Texas.
JLL marketed the property on behalf of the seller, HGR Liquidating Trust, a fund sponsored by Hines. Big V Property Group along with partner Equity Street Capital acquired the asset in a joint venture arranged by JLL that includes a preferred equity contribution from Kimco Realty Corp. Additionally, working on behalf of the new owner, JLL placed the three-year, floating-rate, non-recourse loan with an affiliate of Heitman. The RIM marks the largest open-air shopping center trade in square footage in the U.S. to sell year-to-date.
The RIM is the most trafficked shopping center in all of Texas and welcomes 16 million annual visitors. The RIM houses more than 1.6 million square feet of retail that is 93% leased to some of the best national brands in retail, 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 also boasts a curated blend of fast-casual and upscale food destinations like The Rustic, North Italia, Southerleigh, Bakery Lorraine and Luxor and is shadow anchored by Target, Lowe’s, Lifetime Fitness, Bass Pro Shop, Top Golf and Santikos.
The RIM was completed between 2006 and 2018 and is part of a 1.8 million-square-foot mixed-use district with residential, office and hotel space. Situated in northeast San Antonio at 17503 La Cantera in the epicenter of corporate headquarters, entertainment destinations, educational institutions and military bases, the RIM pulls from a 10-mile trade area with more than 706,000 residents. The property is 15 miles from downtown San Antonio and surrounded by premier San Antonio neighborhoods, including Dominion, Sonoma Ranch and Greystone Country Estates.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Directors Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle and Jeremy Womack and 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.
According to JLL, “The RIM is truly a one-of-a-kind retail center with the highest traffic in Texas, some of the highest-volume retailers in Texas and a mixed-use ecosystem with office, residential, hotels, tourism, a university and military base surrounding it. 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.”
