(SAN ANTONIO) - Hines, the international real estate firm, announced today that Hines Global REIT, Inc. has acquired Thomas Land & Development's retail interest in The Rim, the largest outdoor retail center in the state of Texas, located in San Antonio.
The Rim is a 1,812,492-square-foot, outdoor retail center 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 December 31, 2015.
Hines Global REIT acquired 796,445 square feet of The Rim, which is currently 99.5 percent 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 December 31, 2014, and the right to purchase an additional 97,000 square feet expected to be constructed by December 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.
Sherri Schugart, President and Chief Executive Officer of Hines Global REIT stated, “We were attracted to this property due to the desirable location in one of the strongest growth markets in the U.S. The strong tenant base which has historically exceeded 98 percent occupancy since opening in 2006 proves it's one of the best centers in Texas.”
Hines Managing Director Kenton McKeehan added, “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 centers.
We are grateful to Thomas Land & Development and Eastdil for their efforts in bringing this transaction to a close.”
Hines Global REIT is a public, non-listed real estate investment trust sponsored by Hines that owns interests in 39 real estate investments located in the United States and internationally. For additional information about Hines Global REIT, visit www.hinessecurities.com.
Hines is a fully integrated real estate investment and management firm that has been investing in real estate and providing acquisition, development, financing, property management, leasing and disposition services for more than 55 years.
With offices in 70 cities across the United States and 18 international countries, and controlled assets valued at approximately $25.2 billion as of June 30, 2013, Hines is one of the largest real estate organizations in the world.
Access www.hines.com for more information on Hines.
Statements in this press release, including intentions, beliefs, expectations or projections relating to the acquisition described herein, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on current expectations and assumptions with respect to, among other things, tenant performance, future economic, competitive and market conditions and future business decisions that may prove to be incorrect or inaccurate. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the risks associated with the ability and willingness of tenants to continue to make rental payments pursuant to their leases and other risks described in the “Risk Factors” section of Hines Global's Annual Report on Form 10-K for the year ended December 31, 2012, and its other filings with the Securities and Exchange Commission.