Hines Global REIT has acquired Thomas Land & Development's retail interest in The Rim, the largest outdoor retail centre in the state of Texas, located in San Antonio.
The Rim is a 1,812,492-square-foot, outdoor retail centre that is situated at the corner of the Interstate 10 and Highway 1604 in Northwest San Antonio, one of the fastest growing areas in the city.
Phases one through four of the complex were completed between 2006 and 2008, and phase five is scheduled to be complete by 31 December 2015.
Hines Global REIT acquired 796,445 square feet of The Rim, which is currently 99.5 per cent leased to a number of well-known 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 31 December 2014, and the right to purchase an additional 97,000 square feet expected to be constructed by 31 December 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.
Sherri Schugart, president and chief executive officer of Hines Global REIT, says: "We were attracted to this property due to the desirable location in one of the strongest growth markets in the US The strong tenant base which has historically exceeded 98 percent occupancy since opening in 2006 proves it's one of the best centres in Texas."
Hines managing director Kenton McKeehan says: "The Rim is the fourth retail asset acquired by Hines Global REIT and is the largest to date. This acquisition is a great accomplishment and a great addition to our quality portfolio of retail centres. We are grateful to Thomas Land & Development and Eastdil for their efforts in bringing this transaction to a close."