CLOSED FOR INVESTMENT
Due to overwhelming demand, we have closed this offering for new investments.
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Table of Contents
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PROPERTY - physical details of the property, its location and characteristics
SPONSOR - Principal bio for the Sponsor
DISCLAIMER
A short message from Jeff Rosenberg, Chairman & CEO, Big V Direct
Offering Summary
BVD RIM TIC LLC is a Delaware limited liability company formed to provide accredited investors the opportunity to acquire an interest in The RIM, a 1,060,882 square foot open-air retail center located at 17703 La Cantera Parkway in northwest San Antonio, Texas.
Big V acquired The RIM in 2021 and, as part of that transaction, brought in an outside investor who acquired a tenancy-in-common interest in the property alongside Big V. The proceeds of this offering will be used to buy out that TIC member. Big V's General Partner and its existing limited partners are contributing more than 75% of the capital required for this buyout, alongside new investors — reflecting a high degree of alignment between Big V and the investors in this offering.
This offering is made only to verified accredited investors pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933. It is not an offer to sell, or a solicitation of an offer to buy, any security, which can be made only by means of a confidential private placement memorandum. Interests in this offering are not registered under the Securities Act or any state securities laws and are subject to significant restrictions on transfer.
Investment Objective
Achieve quarterly distributable cash and capital appreciation for investors through the acquisition of an existing tenancy-in-common interest in a stabilized, institutional-quality open-air retail center in a high-growth Sunbelt market.
The current offering allocates a portion of a tenancy-in-common interest in The RIM in San Antonio, Texas, to new investors. The interest is being acquired at a valuation below replacement cost.
The RIM is 97% leased across 90 retailers. Distributions to new investors are targeted quarterly.
Big V's General Partner and existing limited partners are contributing more than 75% of the capital required for this recapitalization, alongside new investors. No new debt is placed as part of this transaction. The property's existing senior loan remains in place.
THE PROPERTY
The RIM is an open-air retail center at 17703 La Cantera Parkway in northwest San Antonio, Texas, built in phases across 2006, 2008 and 2014. It comprises 1,060,882 square feet of retail within a 1.8 million square foot mixed-use district that includes multifamily and hotel development, several projects recent or ongoing.
The center is 97% leased to 90 retailers, spanning national brands and local food and entertainment concepts. Anchors and major tenants include Best Buy, Burlington, Cavender's, Dick's Sporting Goods, Five Below, HomeGoods, HomeSense, Hobby Lobby, JCPenney, Lowe's, Maggiano's Little Italy, Marshalls, Michaels, Miniso, Nordstrom Rack, PetSmart, Ross Dress for Less, Skechers, Staples, Target, TJ Maxx and Total Wine & More. Bass Pro Shops, Lifetime Fitness and Santikos Entertainment also operate within the district.
The RIM drew 17 million visits in 2025, making it the most-trafficked shopping center in Texas - and the 22nd most trafficked center in the nation.
Lease terms across the major tenants are long-dated, with recent leasing activity concentrated in off-price and home goods, the categories driving open-air performance nationally. HomeSense, TJ Maxx and Marshalls have all opened at the center within the past several years, and JCPenney is scheduled to open in 2026. Additional leasing is in process with prospective food and entertainment tenants.
The property sits among northwest San Antonio's largest employment centers, entertainment destinations, and education and military hubs. Within five miles, the 2025 population is 150,990 across 61,696 households, with median household income of $106,794 against $78,112 for the San Antonio MSA.
San Antonio is the second-largest city in Texas and the seventh largest in the United States, with an MSA population of 2,763,006 across 1,003,232 households. Median age is 36.2 and median household size is 2.7.
The metro grew 8% between 2020 and 2025, adds more than 120 residents a day, and is projected to reach 4.5 million by 2050. Growth has been concentrated in the suburbs, with Helotes, Schertz and New Braunfels drawing residents seeking a balance of city amenities and suburban living, while the northern and northwestern submarkets including Stone Oak and Alamo Ranch expand rapidly and the South Side undergoes revitalization.
The economy is diversified across healthcare, cybersecurity, military, tourism and manufacturing. Sixteen corporate headquarters are located in the city, among them USAA and Valero. Joint Base San Antonio anchors a substantial military presence across multiple installations. Cost of living remains low relative to Austin and Dallas, which continues to attract both residents and employers.
Development activity is broad-based across commercial and residential sectors. H-E-B has a new store under construction in Schertz, scheduled for completion in November 2026. Santikos Enterprises acquired 5.9 acres near Loop 1604 and U.S. 281 for development. Arboretum San Antonio is planned for the South Side, with organizers seeking $25M in bond funding.
The city's established draws, the Alamo, the River Walk and the historic missions, sustain a tourism economy alongside the employment base.
THE SPONSOR
Big V Property Group is a family-owned retail real estate operator with more than 80 years of ownership and operating history. The portfolio consists of open-air shopping centers in high-growth Sunbelt markets, assets that serve as the primary retail destinations in their trade areas.
The company describes its acquisition discipline in terms of anchor credit, high occupancy, and resilient traffic driven by necessity-based and value-oriented tenants, positioning it states has proven durable across cycles. It emphasizes long-term partnerships with tenants, communities and capital partners, reflected in how it structures and manages investments.
Big V today has 76 employees, more than $2 billion in assets under management, 18 current properties across 11 states, and roughly 7 million square feet of gross leasable area. It has deployed over $480 million of equity over the past twelve years across 14 realized investments.
History
The company was founded in 1942 with the opening of Victory Super Market, taking its name from the watchword of the day as the United States entered the Second World War. Dick Rosenberg joined in 1959 and became President in 1972. Through the 1970s the business grew to more than 34 supermarkets, $800 million in revenue and 4,500 employees.
The family sold the supermarket operating company in 1987 but retained many of the shopping centers anchored by the grocery stores, marking the shift from operator to landlord.
Jeff Rosenberg, the third generation, joined in 1997 and in 2015 created a real estate investment company to acquire shopping centers more aggressively. Big V grew to $200 million in AUM in tertiary Southeast markets between 2010 and 2015, then to $500 million in secondary Southeast markets between 2015 and 2020. The acquisitions of The Avenue Murfreesboro in 2020 and The RIM in 2021 moved the company into lifestyle assets in primary and secondary markets.
Investment strategy
Big V targets open-air power centers and lifestyle centers of 250,000 to 1,000,000-plus square feet in high-growth markets with MSAs of one million people or more. Target asset types are value-add and core plus, with debt at approximately 65% LTV, a target net IRR of 12%-plus and target cash on hand of 6%-plus.
Vertical integration
The company operates a full in-house team across every aspect of managing an open-air shopping center: institutional acquisitions sourcing and execution, capital markets with an established lender network, leasing with relationships across top retailers, asset management, on-site property management, and construction management handling on-site construction and maintenance.
Leadership
Jeffery Rosenberg, Chairman and Chief Executive Officer. Joined the family firm in 1997 as President and CEO, and has grown the company into a fully vertically integrated owner and operator of open-air shopping centers across the Southeast, with a focus on discount-oriented power centers in high-growth demographic markets. He earned his MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill in 1995.
Kenton McKeehan, President and Chief Investment Officer. Oversees leasing, outparcel development and the legal department. With more than 25 years in retail real estate, he has developed, acquired, managed or leased over 25 million square feet of retail space. He holds a BBA in Finance from Texas Christian University and senior industry designations in shopping center leasing and property management.
Michael Rosenberg, Chief Operating Officer. Brings 27 years of operations and project management experience. Previously spent five years building and operating two express car washes in Stuart, Florida, and before that served 17 years as Director of Operations for a direct mail company, overseeing call centers, fulfillment centers, IT and accounting. He holds an MBA from the Crummer School of Business at Rollins College and a BA from Hartwick College.
Brent Hendrix, Chief Financial Officer. Previously Controller at Shoprite Supermarkets for twelve years, with extensive real estate accounting experience. He holds a BS in Business Administration with a concentration in Accounting from Montclair State University and is a licensed Certified Public Accountant.
Eric Zimmermann, Chief Acquisition Officer. Joined Big V in 2023 as an advisor to the Executive Committee and became interim Chief Acquisition Officer later that year. He leads the company's acquisitions strategy across retail acquisitions, capital markets and equity investment. He graduated from Virginia Tech with a BS in Industrial Engineering and Operations Research.
Greg Ix, Executive Vice President, Leasing. Brings over 25 years in retail real estate spanning leasing, redevelopment, re-merchandising, tenant mix optimization and NOI growth. Previously Senior Vice President at JLL leading leasing strategy and execution, and before that Vice President of Kimco Realty's Southern Region, overseeing retail assets across seven Southeastern states and Puerto Rico with responsibility for budgeting, leasing, redevelopment and repositioning. He holds a BA in Economics and Accounting from Ohio Wesleyan University and maintains active real estate licenses in North Carolina and New Jersey.
Big V Property Group is a family-owned retail real estate operator with more than 80 years of ownership and operating history, founded in 1942 with the opening of Victory Super Market. The company grew to 34 supermarkets by the 1970s, sold the supermarket operating business in 1987 while retaining many of the grocery-anchored centers, and under Jeff Rosenberg, who joined in 1997, built a retail investment platform that expanded from tertiary Southeast markets to secondary markets and, since 2020, into lifestyle and primary-market assets including The Avenue Murfreesboro and The RIM.
Today the company has 76 employees, more than $2 billion in assets under management, and 18 current properties across 11 states totaling roughly 7 million square feet of gross leasable area. It has deployed over $480 million of equity in the past twelve years and is fully vertically integrated, with in-house acquisitions, capital markets, leasing, asset management, property management and construction management.
Realized investments
Eighteen investments have been sold over the past five years, all with positive returns to shareholders.
A 1,060,882 sf open-air retail center in northwest San Antonio, part of a 1.8 million square foot mixed-use district and home to 90 retailers. The RIM is the most visited shopping center in Texas. This offering is a recapitalization of an existing tenancy-in-common interest in the property, held since Big V's 2021 acquisition, from a seller who needs liquidity.
CLOSED FOR INVESTMENT
Join the waitlist for priority notification of our next offering.
Unlike a typical syndication, there is no preferred return and no promote.
Projected returns:
| Annual cash yield: | 7.3% |
| Equity Multiple: | 1.7x |
| IRR: | 13.5% |
| Investment Period: | 4.5 years |
DISCLAIMER
Any investments being offered are pursuant to an exemption from registration under Regulation D of the Securities Act of 1933, specifically Section 506(c). As such, only investors who are verified as being "accredited investors" will be able to invest in this opportunity, and only upon receipt, review and execution of the definitive offering documents. Please refer to www.SEC.gov for further guidance regarding accreditation.
All information provided in the enclosed is intended to be informative and should by no means be considered all-inclusive or conclusive. Neither the Company nor any of its respective affiliates, officers or employees make any representation or warranty, expressed or implied, as to the accuracy or completeness of this information memorandum and no legal commitments or obligations shall arise by reason of this memorandum. All potential investors should carefully examine the enclosed material, make their own inquiries, consult with their own advisors and draw their own conclusions as to the accuracies of the particulars thereof. The Company expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this presentation, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.
Certain statements contained in this document, including, without limitation, statements containing the words “believes,” “anticipates,” “plans,” “intends,” “expects,” and words of similar import constitute “forward-looking statements.”
Forward-looking statements include those related to investment returns, investment parameters and objectives, and spreading risk on investments. Forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the property owner entity to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Given such uncertainties, prospective investors are cautioned not to rely on such forward-looking statements and to perform their own analysis with respect to future events, projections, or other disclosures involving uncertainties. Forward-looking statements do not in any way indicate or guarantee any actual results that may be realized. The Company and its representatives (including without limitation its managers) disclaim any obligation to update such factors or to revise any of the forward-looking statements contained herein to reflect future events or developments.