San Antonio, Texas — Hines Global REIT, Inc., has acquired Thomas Land & Development's retail interest in The Rim, a 1.8-million-square-foot, outdoor retail center at Interstate 10 and Highway 1604 in northwest San Antonio, Texas. It is reported to be the largest outdoor retail center in the state.
Hines Global REIT acquired 796,445 square feet of The Rim, which is currently 99.5 percent leased to tenants, including: Best Buy; Dick's Sporting Goods; JC Penny; Nordstrom Rack; Saks Off 5th; and TJ Maxx. Hines Global REIT also acquired rights to 259,656 square feet currently under construction and expected to be completed by Dec. 31, 2014, and the right to purchase an additional 97,000 square feet expected to be constructed by Dec. 31, 2015.
Excluded from the sale are parcels that are separately owned by Bass Pro Shops, Lowe's, Santikos Palladium Theatres, Target and other outparcel tenants, which comprise 647,174 square feet.
Eastdil Secured represented the seller, Georgia-based Thomas Land & Development, in negotiations. Hines' Southwest Regional Office will manage the property.
"The Rim is the fourth retail asset acquired by Hines Global REIT and is the largest to date," says Hines Managing Director Kenton McKeehan.