The prosperous North San Antonio market keeps on flourishing, especially the Northwest Corridor. Following investment led by Hines Global REIT in massive retail center The Rim, the final phase of construction is about to commence. Canyon Capital Realty Advisors announced its involvement in the financing for the fifth phase with a $55.2 million senior loan to an affiliate of Thomas Land and Development L.L.C. RIM V adds 254,606 square feet of retail space to the existing construction, and 91 percent of it is already pre-leased to retail tenants.
This transaction is the second investment Canyon Realty has made in the Northwest submarket of San Antonio in the past three years. “RIM V is a compelling investment opportunity for Canyon Realty, given the project’s thriving trade area, with affluent demographics, excellent visibility and access, and a diverse tenant mix of national and local retailers,” said Robin Potts, director of Canyon Realty, in a press statement. “Thomas developed the first four phases of the RIM, which have become San Antonio’s premier power center, and we look forward to building on that success with the fifth phase of the center.”
RIM V is ideally located in the middle of the first four phases, which are 100 percent occupied. Scheduled to be finalized by the end of 2014, it includes among its tenants Hobby Lobby, PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill and Bowl & Barrel.
“We are excited that Canyon Realty’s loan enables us to complete the vision of adding new top-tier retail tenants to the project,” stated Stan Thomas, founder, chairman & CEO of Thomas Land and Development. “Canyon Realty brought significant value to the project by moving quickly to structure and to execute the construction loan in a short timeframe to meet the needs of the transaction.”
Photo courtesy of The Rim.