The RIM will soon be one of just two retail complexes in the United States with all of TJX Cos.’ concepts when Marshalls and Sierra Trading open in Q3 2025. Photo credit: Big V Property Group

CHARLOTTE, N.C. — San Antonio residents looking for the unique values and thrill of the hunt provided by TJX Cos.’ concepts soon will be able to find all of the company’s brands at The RIM Shopping Center with the signing of Marshalls to 26,533 square feet and Sierra Trading to 23,044 Square feet.

With Marshalls’ opening, The Rim will be just the second center in the U.S. to house all of TJX’s divisions, announced Big V Property Group, the owner/manager of the two million-square-foot mixed-use complex, one of the largest shopping centers in Texas. TJX will have a total of 126,674 square feet at The RIM’s 1.2 million-square-foot, open-air retail component at 17703 La Cantera Parkway. 

“This is a testament to the strength of San Antonio and the RIM’s dominance in the market,” said Greg Ix, Senior Vice President of Leasing at Big V Property Group. “It’s also a tribute to Big V’s careful redevelopment and retenanting of the project to make it a genuine core for a growing and changing market.”

In some ways, the massive lease is a throwback to retail real estate history, when major apparel specialty stores such as The Gap and The Limited would locate all of its various divisions into the same regional mall. Now, the same strategy is taking place at premier open-air properties such as The RIM, Ix observed.

The RIM, located on the site of a former quarry, opened in 2006. Big V Property Group and Equity Street Capital acquired the project in May 2021, and as manager, Big V Property Group launched an immediate plan to grow the retail center, then 1.05 million square feet, with new restaurants and stores. An existing combined HomeGoods/TJMaxx store occupies 52,097 square feet and was joined by a 23,044-square-foot Sierra Trading Post and 25,000 square foot Homesense, the latter two replacing a former Hemisphere’s Furniture store. The new Marshalls will occupy a former Market By Macy’s space.

“This is a tremendous sign of trust in The RIM — and the result of years of effort to reinvent the tenant mix in this exceptional property for this growing area of San Antonio,” Ix said. “Big V had a vision of what this property could be when we acquired it, and we’re just about there.”

With the new leases, occupancy has now risen to 99%.

“TJX’s concepts are in exceptionally good company at The RIM. As the No. 1 most-visited open-air shopping center in Texas, The RIM is home to many first-in-market locations, including Nordstrom Rack, Homesense, Sierra Trading, Popshelf and more,” Ix continued. “Many of our big-box retailers are in the top 5% to 10% of their companies in terms of sales.”

The Rim’s diverse offerings of national tenants also include Saks Off Fifth, TJ Maxx, Total Wine, Best Buy, Old Navy, Dick’s Sporting Goods, Lowe’s, DSW, Ulta, Hobby Lobby, World Market and Bass Pro Shops. They are joined by national and local dining experiences including Bakery Lorraine, Bakuden Ramen, IHOP, Gloria’s Latin Cuisine, Rock and Rye, The General Public/Bowl and Barrel, North Italia and Whataburger.

“This is the ultimate collection of retail, dining and entertainment, serving an ever-growing residential base, a dynamic business market and an increasing number of tourists,” Ix said. 

The RIM also is home to two hotels with a combined 200 rooms and six residential buildings with 4,500 to 5,000 apartments and condominiums.   

The homes are accommodating a population that is consistently growing. The San Antonio/New Braunfels’ MSA’s population rose 1.8% between summer 2022 and summer 2023, according to the U.S. Census Bureau. New companies also are flocking to the region, including a data center campus from Microsoft, healthcare facilities from University Health Retama Hospital and American Cancer Society Hope Lodge and an expansion of the San Antonio Airport. 

About Big V Property Group

Big V Property Group (Big V) is a family-owned leader in retail real estate with an 80-year history of serving communities and creating superior value for investors. We own, operate, and develop premier retail properties in growing and thriving Sunbelt communities across 14 states. Our 50+ neighborhood community and shopping centers are at the heart of retail districts in high-growth demographic markets, occupying a total of 9.5 million square feet. This careful selection has led to record-high occupancy rates, as our prime locations drive significant business for our tenants, enhance returns for investors, and support vibrant community activity. We are headquartered in Charlotte, NC with major offices in Murfreesboro, TN, San Antonio and Austin, TX, and Florida, NY. For further information, please visit bigv.com.

Kenton McKeehan Promoted to President and Chief Investment Officer

Greg Ix Promoted to Executive Vice President of Leasing

Jeffrey Rosenberg Named Chairman & CEO

Charlotte, NC – Big V Property Group today announced the promotions of two key leaders, Kenton McKeehan and Greg Ix, in recognition of their significant contributions in positioning the company for long-term success and sustained growth.

Kenton McKeehan has been named President and Chief Investment Officer. In his expanded role, Kenton will be responsible for overseeing all capital deployment activities, including acquisitions, dispositions and new development, as well as contributing to overall company strategy. With more than 37 years of experience in retail real estate, Kenton has developed, acquired, managed or leased over 25 million square feet of space. He is also a Trustee and member of the Executive Board for ICSC, the retail real estate industry’s preeminent global trade association.

Greg Ix has been promoted to Executive Vice President of Leasing and will join the company’s executive committee. This appointment reflects Greg’s strong leadership of Big V’s leasing operation. In his new role, Greg will be responsible for driving strategic tenant initiatives and providing senior counsel on company-wide matters. He brings more than 30 years of retail real estate experience to Big V’s team.

Jeffrey Rosenberg has assumed the role of Chairman and Chief Executive Officer.

“Kenton’s vision and track record have been instrumental in helping Big V execute key initiatives to address changing market conditions, which have had a material positive impact on the success of the company,” said Jeffrey Rosenberg, Big V’s Chairman and Chief Executive Officer. “His rigor and focused investment strategy, flawless execution, and deep market experience have consistently delivered results. This promotion is a recognition of his impact and leadership.”

“Since joining Big V six years ago, Greg has been critical to ensuring we have the right tenants in the right properties,” added Rosenberg. “Greg focuses on relationships—not transactions, so our partnerships with tenants strengthen over decades and across cycles. His addition to our Executive Committee will yield valuable insights from the tenant perspective as well as help us develop and execute property and company wide strategic initiatives..”

Both promotions are effective immediately.

“Our people are at the heart of our success. Each and every Big V team member is deeply committed to upholding our values, leading with character and integrity, and delivering exceptional results. Kenton and Greg exemplify this mindset, and we are pleased to recognize their work and contributions to Big V,” concluded Rosenberg.

About Big V Property Group

Big V Properties is a family-owned leader in retail real estate with an 80-year history of serving communities and creating superior value for investors. We own, operate, and develop premier retail properties in growing and thriving Sunbelt communities. Our properties are the heart of retail districts in high-growth demographic markets. This careful selection has led to record-high occupancy rates, as our prime locations drive significant business for our tenants, enhance returns for investors, and support vibrant community activity.

For media inquiries, please contact

Debra Hazel 
(201) 618-5247
debra@debrahazelcommunications.com

Highly prized Academy Sports + Outdoors and off-price retailers T.J.Maxx and HomeGoods to occupy former Burlington space

A former Burlington store will soon be home to Academy Sports + Outdoors, HomeGoods and T.J.Maxx at Big V Property Group’s Pocono Crossing (Photo credit: Big V Property Group)

RICHMOND, VA. — The ongoing repositioning and redevelopment of Pocono Crossing continues with owner/developer Big V Property Group’s announcement that three of today’s most in-demand retailers — Academy Sports + Outdoors and TJX Companies’ HomeGoods and T.J.Maxx divisions — will open stores in the 180,845-square-foot open-air community center. 

Academy Sports + Outdoors will occupy 63,200 square feet of a former 92,000-square-foot Burlington space, with a combination TJMaxx and HomeGoods store occupying 30,000 square feet and 25,000 square feet, respectively, said Greg Ix, Senior Vice President of Leasing at Big V Property Group.

“We’re thrilled to have a power line-up of Academy Sports, T.J.Maxx and HomeGoods as part of our tenant mix at Pocono Crossing,” said Ix. “Academy will open this month and T.J.Maxx and HomeGoods will debut Q1 2026, and after an innovative subdivision of the Burlington shell and combination of strategic vacancies, this will give them a prime location in the heart of the growing Chesterfield corridor.”

“The redevelopment is very complex, but ultimately a cost-effective way to convert exceptionally large, potentially obsolete space into locations more suitable for today’s more focused retailers,” said Scott Cozzali, Vice President of Construction.

Accommodating these new tenants entailed dividing the space, combining spaces that were left vacant for a future opportunity such as this, and reconfiguring the façade.

“The result is a construction period that is faster, more economical, and more sustainable, despite the challenges of high costs, supply chain disruptions, and labor shortages,” Cozzalli continued. “Our construction team was instrumental in redesigning façades and loading docks to tenant specification.” 

“Redevelopment opportunities of this caliber are rare to present to the lending community. We ran an extensive marketing process and had numerous lenders wanting to make the loan to help achieve the business plan,” said Bryan Kallenberg, Vice President of Capital Markets at Big V Property Group. “We ultimately chose a full capital stack provider that understood the project and fit the strategy set forth by executive management. This is yet another example of how Big V’s vertical integration allows for seamless execution when dealing with complex projects.”

“As retail has evolved, there are very few single tenants looking to occupy a nearly 100,000-square-foot box, so strategically subdividing this space allows us to accommodate current retail trends and in-demand retailers without the risks and delays that can be involved in ground-up construction. It’s a win for the retailers, a win for our investors as we create even more value, and a triumph for the community, which will benefit from easy access to these best-in-class tenants,” Ix continued.  

The two will join Chuck E. Cheese, Martial Arts World, Blue Streak, and Kick Back Jacks at Pocono Crossing. Big V Property Group acquired the regional shopping center in 2019 and has undertaken a strategic evaluation and redevelopment program to reposition the center to serve an affluent community. 

Pocono Crossing is located at 10400 Midlothian Turnpike between Powhite Parkway and Huguenot Rd., in one of Richmond’s most affluent and strongest retail submarkets. More than 142,000 people live within a five-mile radius of Pocono Crossing, with an average household income of $109,385. More than 54,000 vehicles pass the site daily. 

The center also is situated in one of the most developed and heavily trafficked districts in the city, with a one million-square-foot office park and Chesterfield Towne Center mall less than a mile away. 

Several spaces remain available, ranging from 1,000 square feet to 12,000 square feet. 

“We want to thank our retail partners, Academy Sports + Outdoors, the TJX Companies, the Big V Property Group team for their extraordinary focus and expertise and Thalhimer Cushman & Wakefield in Richmond,” Ix said. 

About Big V Property Group
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the U.S. Big V Property Group is headquartered in Charlotte, NC with major offices in Murfreesboro, TN, San Antonio and Austin, TX, and Florida, NY. For further information, please visit bigv.com.

For media inquiries, please contact

Debra Hazel 
(201) 618-5247
debra@debrahazelcommunications.com

New stores will open at centers in Texas, Virginia and Tennessee

CHARLOTTE, N.C. (December 16, 2024) — The partnership between Big V Property Group and TJX Cos. continues to grow in 2024, with the open-air center manager completing six new leases across its portfolio with the off-price giant.

The company has signed leases for its Sierra, Homesense, and Marshalls concepts for a total of 74,577 square feet in Texas; a TJ Maxx, HomeGoods and Homesense store of 80,000 square feet in Virginia; and a 25,626-square-foot Homesense store at The Avenue in Murfreesboro, Tennessee.

“This is a tremendous commitment from TJX, and a validation of our business strategy of acquiring open-air centers and adding value to them through strategic re-leasing and renovation,” said Tony D’Ambrosio, Vice President of Acquisitions and Dispositions at Big V Property Group. “In addition, in a period of little new construction, it makes sense for retailers to find locations in prime existing properties, and we have the projects and the construction expertise to configure our rare vacancies to their needs.”

The new locations at The RIM are part of an overall reimagining of the mixed-use complex with 1.2 million square feet of national, regional and local retail, two hotels with a combined 200 rooms, and six residential buildings with 4,500 to 5,000 condominiums and apartments around The RIM.  

“Big V Property Group acquired this center in 2021 with the goal of adding even more value to this already dominant property,” said Greg Ix, Senior Vice President of Leasing at Big V Property Group. “Adding these TJX concepts provides even more choice and value for northwest San Antonio and gives TJX a terrific location in a dominant center where many retailers have their top-performing stores.”

In Virginia, the TJMaxx/HomeGoods store will join Academy Sports in occupying a 92,000-square-foot former Burlington location.

“This entailed a complex division of façades and infrastructure, including plumbing, HVAC and more, of what had been a single location into two distinct stores,” said Scott Cozzali, Vice President of Construction.

Acquired in 2020, The Avenue Murfreesboro offers 853,000 square feet of lifestyle and power center tenants, anchored by H&M, Belk, Bar Louie, Barnes & Noble, Havertys, Old Navy, Dick’s Sporting Goods, Buffalo Wild Wings, Best Buy, ULTA, and Burlington. The center is ideally located on Medical Center Pkwy, with frontage on Interstate 24, in an affluent and growing trade area within commuting distance to Nashville.

“Building value in a retail property, even one as dominant as The Avenue is a step-by-step process,” Ix said. “Adding Homesense to The Avenue adds yet another value component to our mix, which includes dining, fashion, home furnishings, books, sporting goods and more. It’s additional value to our shoppers and our investors. And we’ll keep on doing that throughout our portfolio.”

About Big V Property Group
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the US. Big V Property Group is headquartered in Charlotte, NC with major offices in Murfreesboro, TN, San Antonio and Austin, TX, and Florida, NY. For further information, please visit bigv.com.

Community generosity shines at United Way’s Stuff the Bus Events, supporting local students.

Big V Property Group is thrilled to announce the outstanding success of recent Stuff the Bus events held at The Markets at Town Center and The Avenue Murfreesboro. Thanks to the incredible generosity of our communities, 41,726 school supplies were collected at both Stuff the Bus locations.

Stuff the Bus is a nationwide United Way initiative designed to equip students with the essential tools they need to succeed in the upcoming school year. Each event is organized by local United Way chapters, such as the United Way of South Central Tennessee for The Avenue Murfreesboro and the United Way of Northeast Florida for The Markets at Town Center. These chapters work tirelessly to help ensure students receive the necessary supplies, fostering a supportive and prepared learning environment for all.

Michaela Ward, Big V Property Group’s Senior Director of Marketing, said, “We are deeply moved by the outpouring of generosity from our community members and partners. The success of the Stuff the Bus events underscores our collective commitment to supporting education and making a tangible difference in the lives of local students.”

The success of these events would not have been possible without the dedicated efforts of local businesses, volunteers, and community members who came together to donate backpacks, notebooks, pens, and other essential school supplies. Big V Property Group is proud to be part of such an important and inspiring event.

Learn more:

United Way of South Central Tennessee: https://www.yourlocaluw.org/stuffthebus

United Way of Northeast Florida: https://www.unitedwaynwfl.org/stuff-bus-0

ATLANTA, GA (June 11, 2024) — Big V Property Group, the owner and operator of more than 9.5 million square feet of retail space, acquired Johns Creek Town Center in Suwanee, Georgia. This acquisition marks the group’s fifth community center in the state as the company continues to expand its portfolio of community centers in Georgia.

Located approximately 30 miles from downtown Atlanta, the 303,297-square-foot, open-air center is anchored by major retailers including HomeGoods, Sprouts, Kohl’s, Ulta Beauty, Market by Macy’s, and PetSmart. The greater Atlanta region boasts more than six million residents, making it the eighth-largest market in the United States.

“Greater Atlanta is one of the most dynamic markets in America, and we’re thrilled to complement our expansion efforts in the region with the addition of Johns Creek,” said Jeff Rosenberg, CEO of Big V Property Group.

The transaction marks the second major acquisition by Big V Property Group and their partner, Equity Street Capital, in 2024, following their purchase of Merchants’ Square in Carmel, Indiana in February. The terms of the deal were not disclosed.

About Big V Property Group
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the US. Big V Property Group is headquartered in Charlotte, NC with major offices in Murfreesboro, TN, San Antonio and Austin, TX, and Florida, NY. For further information, please visit bigv.com.

About Equity Street Capital
Equity Street Capital (ESC) 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 who are also renowned for their real estate investment education company and residential investment firm. For further information please visit equitystreetcapital.com.

Southpark Meadows’s Music Meadows is back and better than ever! On May 3rd, we kicked off a weekend celebrating the grand reopening of this iconic South Austin playground, and what a festive time it was!

From the moment we arrived, Music Meadows was buzzing with excitement. Kids played on the vibrant new playground equipment with a new climbing structure and interactive musical elements. The space has truly been transformed, blending Austin’s rich music culture with fun, family-friendly activities.

The weekend was packed with entertainment, including local Austin musicians, favorite characters from Star Wars and Encanto greeting, a local farmer’s market, balloon artists, face painters, and more! A special thank you to all of our retailers who participated in making the weekend a success!

We’re so thrilled to have Music Meadows once again join the community, and we look forward to many events here in the future!

Thank you Austin for celebrating with us!

You can learn more about Southpark Meadows: https://bigv.com/p/southpark-meadows-i-ii

AUSTIN, TEXAS — A beloved South Austin landmark is coming back to life in May, as the newly refurbished Southpark Music Meadows will celebrate its reopening on Friday, May 3 with a Grand Reopening Celebration weekend of events, prizes and markets, announced owner Big V Property Group. Visitors can participate in pop-up art classes, retailer giveaways, Star Wars and Encanto characters Meet and Greets, face painting, crafts, and more.

“The playground is back — and free for the young and the young at heart,” said Michaela Ward, Senior Director of Marketing. “Big V Property Group believes in community, and what is more important in a community than to give families a place to come and unwind, relax, and watch their kids be kids? We’re excited to share this revitalized playground with all of South Austin.”

Previously called The Grove, South Park Music Meadows had been a mainstay for South Austin parents for decades and hosted many local musicians from various genres. However, it had been closed for more than two years when it was purchased by Big V Property Group in October 2022. By January 2023, the long-awaited project was underway.

“The closure of the playground was devastating for the community — parents had few nearby alternatives where their children could play safely with others,” said Angela Reyes, Property Manager. “We immediately saw that restoring that playground was bringing back a piece of South Austin’s heart, as well as supporting the tenants at Southpark Meadows. ”

The core area was rebranded as Music Meadows to strengthen the ties to the iconic Meadows name and fuse Austin’s vibrant music culture to the center, which hosts live music and events throughout the year. A new identity was established that consisted of a new logo, color palette, and all new property signage. All of the playground equipment was updated, a new climbing structure installed, and multiple interactive musical theme elements are now incorporated. The area also boasts all new furniture, turf, lighting, paint, and a water tower marquee sign, creating a new landmark for the park. A container bar is scheduled to be installed later this month, to be used by tenants and community partners during upcoming events. 

Located at Interstate 35 and Slaughter Lane, Southpark Meadows is home to major national retailers, including Target, JCPenney, Victoria’s Secret, Best Buy, Ross Dress for Less, Marshalls, Ulta and Hobby Lobby; dining and entertainment including Waterloo Ice House, Gabriela’s Mexican Restaurant, Dave & Busters, Jason’s Deli, Serrano’s, Texas Roadhouse and Haiku Japanese Restaurant and services including Massage Envy, OrangeTheory Fitness, Olde Soul Barbershop and Amazing Lash Lounge.

About Big V Property Group
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the U.S. Big V Property Group has five offices with major offices in Charlotte, NC, San Antonio, TX, Bristol, TN and Florida, NY. For further information, please visit bigv.com.

Contact: Debra Hazel
Debra Hazel Communications
(201) 618-5247 debra@debrahazelcommunications.com

The Big V Construction Team has successfully concluded a comprehensive turnkey renovation and remodel of the new 25,000 sqft Homesense location at The RIM in San Antonio, Texas. This extensive renovation encompasses a complete full interior and exterior remodeling, promising an exciting new shopping experience for customers at the RIM. 

Construction highlights included:

• Entirely transformed the tilt-wall storefront for a modern look.
• Installed 123 feet of new, 12-foot-tall storefront glass.
• Added a new canopy that embodies Homesense’s brand aesthetic.
• Comprehensive renovation of the sales floor, back-of-house (BOH) rooms, and the addition of 2 ADA-compliant restrooms.
• Brand new 25,000 square feet.
• Installed 7 high-efficiency rooftop units (RTUs) complete with new ductwork for improved air quality and climate control.

Grand opening of Homesense is expected in April 2024 making it the second location in Texas. 

Written By: Eric Zimmermann – Chief Acquisitions Officer, Big V Property Group

The sold-out ICSC Open-Air Conference (“OAC”) provided great networking and, even better, actionable information on the state of the industry. OAC attracts top leaders in the retail real estate sector.  The general consensus is that it’s a great time for the retail industry’s fundamentals.

The economy remains surprisingly resilient coming out of the pandemic, according to keynote speaker Ryan Severino, CFA, Managing Director, Chief Economist, and Head of U.S. Research at BGO. Though it’s happening in fits and starts, inflation is cooling off and he anticipated it will stabilize at about 2% – The Fed’s target. Thus far, the economy seems to be adapting to higher interest rates (though look for rate cuts by the Fed in the second half of this year), and a persistent labor shortage.  So, it’s not surprising that goods spending is continuing.

Over the last five years, retail sales are up 89%, while the U.S. GDP is up 33%. It’s a terrific time for retail, based on supply and demand, according to our team’s conversations at the meeting. At 93%, occupancy is at an all-time high for most owners. That is due to a combination of very restrained new construction (GLA up just 6.8% over the last five years), continued robust expansion by retailers and smart demolition of some 200 million square feet of obsolete space in the last five years. 

Most of the weak retail performers that had dragged down properties earlier in the decade have since restructured or closed. Stronger tenants have taken advantage of these opportunities, and 2023 announced store openings were 45% higher than closings. Landlords and property managers are actually excited about the possibilities of vacancies, because those spaces can be filled with stronger tenants at better rates. In most markets, we’re seeing retailers competing for available spaces – particularly anchor spaces

Penciling out a project or a new tenant remains challenging, as the costs of capital and construction remain painfully high. On the transaction front, which slowed dramatically as interest rates rose last year, optimism suggests that volume should pick up 10% to 20% this year. We may even see some portfolio transactions, if tight CRE debt markets become more liquid.

While challenges remain due to the uncertainniss of geopolitical events and the looming Presidential election, there are many more reasons to be optimistic than pessimistic about the long-term prospects for retail landlords.  Shoppers are smarter, retailers are on better financial footing, our spaces more valuable to tenants due to last-mile distribution use, and new product construction is at an all-time-low; and is predicted to remain so.  All in all, OAC was extremely encouraging. 

About Eric Zimmermann
Eric Zimmermann joined Big V Property Group in 2023 as an advisor to the Executive Committee and stepped into the role of Chief Acquisitions Officer later that same year. Eric’s principal mission will be to steer the company’s acquisitions strategy, leveraging his vast knowledge in retail acquisitions, capital markets, and equity investment. Read Eric’s Full Bio