News release

Largest open-air shopping center sale in the U.S. closes

JLL Capital Markets closed the sale and arranged an acquisition loan for the RIM in San Antonio, which is the most visited shopping center in Texas

May 13, 2021

DALLAS, May 13, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for the RIM, the most visited mixed-use, open-air shopping center in Texas.

JLL marketed the property on behalf of the seller, HGR Liquidating Trust, a fund sponsored by Hines. Big V Property Group along with partner Equity Street Capital acquired the asset in a joint venture arranged by JLL that includes a preferred equity contribution from Kimco Realty Corp. Additionally, working on behalf of the new owner, JLL placed the three-year, floating-rate, non-recourse loan with an affiliate of Heitman. The RIM marks the largest open-air shopping center trade in square footage in the U.S. to sell year-to-date.

The RIM is the most trafficked shopping center in all of Texas and welcomes 16 million annual visitors. The RIM houses more than 1.6 million square feet of retail that is 93% leased to some of the best national brands in retail, including T.J.Maxx, Nordstrom Rack, Ross Dress for Less, Best Buy, Ulta Beauty, HomeGoods, Hobby Lobby, Total Wine & More and Old Navy. The property also boasts a curated blend of fast-casual and upscale food destinations like The Rustic, North Italia, Southerleigh, Bakery Lorraine and Luxor and is shadow anchored by Target, Lowe’s, Lifetime Fitness, Bass Pro Shop, Top Golf and Santikos.

The RIM was completed between 2006 and 2018 and is part of a 1.8 million-square-foot mixed-use district with residential, office and hotel space. Situated in northeast San Antonio at 17503 La Cantera in the epicenter of corporate headquarters, entertainment destinations, educational institutions and military bases, the RIM pulls from a 10-mile trade area with more than 706,000 residents. The property is 15 miles from downtown San Antonio and surrounded by premier San Antonio neighborhoods, including Dominion, Sonoma Ranch and Greystone Country Estates.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Directors Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle and Jeremy Womack and Analysts Matthew Wheeler and Robby Westerfield.

The JLL Debt and Equity Placement team representing the borrower included Senior Managing Directors Jim Curtin and Christopher Drew, Managing Director Timothy Joyce and Analyst Rex Cruz.

According to JLL, “The RIM is truly a one-of-a-kind retail center with the highest traffic in Texas, some of the highest-volume retailers in Texas and a mixed-use ecosystem with office, residential, hotels, tourism, a university and military base surrounding it. For BIG V, this is their first acquisition in Texas. The RIM is a flagship property and will serve BIG V and Kimco well as they look to expand in the Lone Star State.” 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit for more information.

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.

About Big V Property Group

Big V Property Group (BVPG) is a vertically integrated shopping center investment management and property management company, with comprehensive services including leasing, on-site property management, construction management, finance/accounting and marketing. Utilizing state of the art technical platforms, the company has an excellent track record of providing quality property management and construction management services for over 40 years. The management team prides themselves on their attention to detail and expertise in this space and on providing a best-in-class experience for their key constituencies: tenants, shopping center owners and shopping center customers. BVPG owns and operate 48 open-air shopping centers totaling over 9 million square feet, primarily the southeastern U.S. For more information, visit

About Kimco Realty Corp.

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of March 31, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space. For further information, please visit

Equity Street Capital

Equity Street Capital is a San Diego-based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Equity Street Capital was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs known for their real estate investment education company and residential investment firm.  For further information please visit