SAN ANTONIO—The largest outdoor retail center in Texas is about to get larger. The Rim developer, Thomas Land and Development LLC has received $55.3 million to kick off the fifth phase of the retail power center.

Canyon Capital Realty Advisors has funded the senior construction loan to finance the 253,606-square-foot development in San Antonio, Texas. The project, which is anticipated to deliver later this year, is currently 91% pre-leased to national and local tenants, including Hobby Lobby, Hemispheres, PetSmart, Toby Keith's I Love This Bar & Grill and Bowl & Barrel.

"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," says Robin Potts, director of Canyon Realty. "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."

Last week GlobeSt.com reported Hines Global REIT purchased 796,445 square feet in the RIM. Hines tells GlobeSt.com the global REIT has acquired rights to purchase 97,000 square feet in the Rim's phase five.  

The Rim, a 1.8 million-square-foot development is located in northwest San Antonio at I-10 and Highway 1604. The Northwest Corridor is the fastest growing and most affluent submarket in San Antonio driving the success of the project, says Canyon Realty.

This transaction is the second investment that Canyon Realty has made in the Northwest submarket of San Antonio within the last three years.