REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Hines acquires The Rim from Thomas for $176M

Hines Global REIT recently acquired 796,445 square feet of The Rim, the largest outdoor retail center in San Antonio.  Spanning more than 1.8 million square feet in all, The Rim – located at the northeast quadrant of the IH-10 West and Loop 1604 intersection – is home to an impressive list of retailers.

Hines’ portion, which was reportedly purchased from Thomas Land & Development for approximately $176 million and 99.5 percent leased, includes Best Buy, Dick’s Sporting Goods, JC Penny, Nordstrom Rack, Saks Off 5th, TJ Maxx and others.

Hines also acquired rights to 259,656 square feet currently under construction and expected to be completed by the end of the year along with the right to purchase an additional 97,000 square feet expected to be constructed by the end of 2015.

Excluded from the sale were 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.

Click to read Hines’ press release: Hines Global REIT Acquires Outdoor Retail Center in Texas (2-19-14)

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