Hines REIT Nabs Acreage at The Rim

Hines Global REIT, headquartered in Houston, acquired 8.8 acres at The Rim, a 2 million-square-foot shopping center on La Cantera Parkway in San Antonio. The REIT struck the $60.9 million deal with Thomas Enterprises Inc., The Rim’s developer.

Included in the purchase was approximately 136,000 square feet of existing retail space, and an additional 100,000 square feet that is under construction, or leased to chains including Lupe Tortilla and Gloria’s Latin Cuisine. The deal also brought the sites of Hopdoddy Burger Bar and Macy’s Backstage into the REIT’s portfolio.

“Since our first acquisition at The Rim in 2014, we have been incredibly pleased with the shopping center’s performance and growth in the San Antonio market,” said Hines’ Kenton McKeehan. “The additional acquisitions are an indication of our positive feelings going forward.”

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