Hines REIT Exits San Antonio Outdoor Mall Property

Posted on 05/14/2021

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HGR Liquidating Trust is a fund sponsored by Hines. HGR Liquidating Trust sold The RIM, a major mixed-use, open-air shopping center in northeast San Antonio, Texas. Big V Property Group and Equity Street Capital acquired the retail asset in a joint venture. The RIM has more than 1.6 million square feet of retail. The property was in contract in January 2021. The sales price was US$ 219.7 million.

JLL Capital Markets advised the seller.

Hines Glob­al REIT, Inc. (HGR) was a non-list­ed real estate invest­ment trust (REIT) that owned and man­aged a diver­si­fied real estate port­fo­lio in domes­tic and inter­na­tion­al mar­kets. HGR com­menced the liq­ui­da­tion of its assets pur­suant to a plan of liq­ui­da­tion and dis­so­lu­tion approved by its stock­hold­ers in July 2018. In accor­dance with the plan, HGR trans­ferred its assets and lia­bil­i­ties to HGR Liq­ui­dat­ing Trust on June 30, 2020 and HGR’s for­mer stock­hold­ers were issued units of ben­e­fi­cial inter­est in HGR Liq­ui­dat­ing Trust.

Hines Global REIT purchased nearly 1.1 million square feet at The Rim, the largest power center in Texas, in multiple transactions between February 2014 and December 2016 for US$ 285.9 million.

Keywords: Hines Group.