The New Owners Look Forward to Expanding in the San Antonio Market.
SAN ANTONIO, TEXAS (May 1, 2021) — Big V Property Group (BVPG), along with partners Kimco Realty and Equity Street Capital, is excited to acquire The RIM Shopping Center. The acquisition consists of approximately 1,050,000 square feet of premiere retail and restaurant space at one of the largest mixed-use/lifestyle centers in Texas, and the 10th most visited center in the United States. The new owners plan to continue to grow the center with new restaurants and retail stores. The RIM is not only an established lifestyle property, but it has also become a go-to destination for both locals and visitors to San Antonio. The property will be managed by Big V Property Group.
“We are thrilled to be acquiring The RIM, one of the largest properties in Texas with a vibrant mix of retail, multifamily and hospitality in one of San Antonio’s most desirable growth areas. The RIM is a logical choice for us and is highly complementary to our existing portfolio,” said Jeffrey Rosenberg, CEO of Big V.
He continued, “Our hope is to always be a part of the communities in which we do business, and that is the same for San Antonio. We appreciate the culture and history of the city and we also see continued growth on the horizon.”
Kimco President and Chief Investment Officer Ross Cooper shared, “We’re excited to partner with Big V as a preferred equity investor to acquire this flagship San Antonio shopping center. We see excellent long-term opportunity in this market and this asset in particular, and we view this as the perfect fit for our structured investments program.”
Paul Esajian & Than Merril, founders at Equity Street commented: “We are proud to be part of this one of a kind asset with best in class partners alongside Big V and Kimco. This represents a significant opportunity for Equity Street Capital and its partners to add value and improve upon a great community in the San Antonio market.”
BVPG’s key values – tenant focused and people powered – will be valuable when working with the more than 100 various tenants at The RIM. This mixed use/lifestyle center also offers the opportunity to create value through future densification.
About Big V Property Group: Big V Property Group owns and operates 49 neighborhood and community shopping centers totaling over 9 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, Bristol, TN and Florida, NY. For further information, please visit www.bigv.com
About Kimco Realty: Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of March 31, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.
About Equity Street Capital: Equity Street Capital 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 www.equitystreetcapital.com