Hines completes largest open-air shopping center sale

HGR Liquidating Trust, a fund sponsored by Hines, has sold RIM, the most visited mixed-use, open-air shopping center in Texas. IREI reported the sale in January 2021.

The RIM marks the largest open-air shopping center trade in square footage in the U.S. to sell year-to-date. 

Big V Property Group along with partner Equity Street Capital acquired the asset in a joint venture. The sales price was not disclosed.

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 percent 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 d