Stony Point Village shopping center sells for $41.3 million

The Stony Point Village shopping center in Richmond, Virginia, has sold for $41.3 million, a price nearly four times higher than its 2019 sale of $10.4 million. The transaction, finalized on October 16, involved buyer Asana Partners, based in Charlotte, North Carolina, and seller Ziff Real Estate Partners of Charleston, South Carolina.

A significant factor in the property's value increase was the addition of Trader Joe’s as an anchor tenant in 2020. Before the grocery chain arrived, the center faced notable vacancies following the departure of Martin’s grocery store. Since Trader Joe’s opened, occupancy at the center has risen from approximately 56% to over 95%.

Other developments at the site include the expansion of Good Foods Grocery and the addition of retailers such as Sephora and Planet Fitness. The center has also seen new dining options, including The Granite Grill and the upcoming arrival of the fast-casual brunch spot Vicious Biscuit.