SAN ANTONIO—Hines Global REIT Inc. has acquired the Rim, the largest outdoor retail center in Texas, located in San Antonio.

The Rim, developed by Georgia-based Thomas Land & Development, is an outdoor retail center totaling 1,812,492 square feet, of which Hines Global REIT purchased 796,445 square feet in phases one through four. The property is located at the corner of I-10 and Highway 1604 in northwest San Antonio.

"We were attracted to this property due to the desirable location in one of the strongest growth markets in the U.S.," says Sherri Schugart, president and chief executive officer of Hines Global REIT. "The strong tenant base which has historically exceeded 98% occupancy since opening in 2006 proves it's one of the best centers in Texas."

Hines Global REIT has acquired approximately $750 million in the last 19 months with a large portion of those acquisitions in the core plus power center product type, Kenton Mckeehan, managing director with Hines tells GlobeSt.com. The Rim is the fourth retail asset purchased by the REIT.

"The Rim is an exceptional asset," adds Mckeehan. "We were going after product quality and the Rim met that quality threshold."

The property is currently 99.5% leased to national tenants including Best Buy, Dick's Sporting Goods, J.C. Penney, Nordstrom Rack, Saks Off 5th and TJ Maxx. Developer Thomas Land & Development is currently developing phase five which is slated to be complete by the end of 2015.

Hines Global REIT acquired rights to 259,656 square feet currently under construction and anticipated to be completed by the end of 2014, as well as the right to purchase an additional 97,000 square feet in phase five.

Excluded from the sale are separately owned parcels totaling 674,174 square feet. Large out parcels owners include Bass Pro Shops, Lowe's, Santikos Palladium Theatres and Target.

Eastdil Secured represented the seller, Georgia-based Thomas Land & Development, in negotiations. Hines' Southwest Regional Office will manage the property.