Client story

Successfully marketing, selling and financing Texas’ most visited shopping center

Hines needed one global advisor offering services across the entire capital stack. Capital Markets at JLL played a pivotal role in making the deal happen. 


Capital Markets – Investment Sales, Debt/ Equity Advisory



The RIM is the most visited mixed-use, open-air shopping center in Texas, attracting twice as many visitors as the Eiffel Tower each year. 

When Hines wanted to sell the asset, it needed one global advisor who could successfully market a large retail asset in a turbulent environment post pandemic, and attract a serious pool of national and international investors.​

Could Hines draw potential buyers to San Antonio, an often-overlooked location in Texas, and secure a favorable deal?​

Selling San Antonio

Capital Markets at JLL took a bold approach to change the narrative of San Antonio from a blue-collar outpost to a young, vibrant, tech-focused city that would appeal to a wider investor base. The RIM is part of a 1.8 million square foot mixed-use district home to residential, office and hotel space. This center attracts more than 706,000 residents in a 10-mile radius, many from premier San Antonio neighborhoods.​

Potential buyers needed more data to bring the property’s selling points to life and Capital Markets at JLL delivered.​

Topping the Eiffel Tower’s foot traffic

JLL deployed Placer AI, a tool based on mobile tracking technology, to show the shopping centre’s footfall at 14 million visitors per year – twice as many as the Eiffel Tower – a statistic that wasn’t uncovered before. This story and strategic marketing gave bidders confidence in this lesser-known location. Investors were also treated to in-person tours by a dedicated JLL team who were set up at the on-site throughout the marketing period.​

A track record for favorable financing

Innovative marketing attracted 19 bids and resulted in a joint venture deal between Big V Property Group and Equity Street Capital with a preferred equity contribution from Kimco Realty Corp. The sale was the largest (square feet) open-air shopping center trade in the U.S. in 2021. Beyond securing a buyer, JLL’s equity advisory experts facilitated financing on behalf of the new owners, securing them a three-year, floating-rate, non-recourse loan.​

Hines achieved its goal of selling the property while BIG V and Kimco are now well positioned to expand in the Lone Star State. JLL’s bold and innovative approach, local market expertise and marketing tactics combined with a global network of investors and capital markets experts played a pivotal role in making the deal happen.

Talk to Capital Markets at JLL