Hines REIT Exits San Antonio Outdoor Mall Property
Posted on 05/14/2021
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.