RIM Buy Stacks Up as Largest Open-Air Center Trade YTD
The RIM, a mixed-use open-air shopping center in San Antonio, was recently acquired by Big V Property Group along with partner Equity Street Capital. The transaction marks the largest U.S. open-air shopping center trade in square footage year-to-date.
JLL marketed the property on behalf of the seller, HGR Liquidating Trust, a fund sponsored by Hines. The joint venture arranged by JLL includes a preferred equity contribution from Kimco Realty Corp. Additionally, working on behalf of the new owner, JLL placed the three-year floating-rate nonrecourse loan with an affiliate of Heitman.
The RIM welcomes 16 million annual visitors. It houses more than 1.6 million square feet of retail that is 93 percent leased to an array of top brands including TJ Maxx, Nordstrom Rack, Ross Dress for Less, Best Buy, Ulta Beauty, HomeGoods, Hobby Lobby, Total Wine & More and Old Navy. The property has a blend of fast-casual/upscale food 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, the RIM pulls from a 10-mile trade area with more than 706,000 residents. The property is 15 miles from downtown San Antonio.
The JLL team representing the seller was led by Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle, Jeremy Womack, Matthew Wheeler and Robby Westerfield. The JLL debt/equity team representing the borrower included Jim Curtin, Christopher Drew, Timothy Joyce and Rex Cruz.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.