Stony Point Shopping Center under contract to be sold

The vacant former Martin’s grocery in the Stony Point Shopping Center is part of the Stony Point Shopping Center under contract with a potential buyer. (Photos by J. Elias O’Neal)

Still seeking a new grocery anchor, a Southside shopping center at the edge of the city is set to get a new owner.

The Stony Point Shopping Center at 3000-3002 Stony Point Road is under contract to be sold for an undisclosed price.

The seller is Illinois-based Next Realty LLC. HFF, a Dallas-based national brokerage, has the listing, which is expected to close in February, according to sources familiar with the transaction.

Next Realty purchased the center about six years ago for $15 million. It most recently was assessed by the city for about $13.3 million.

The listing consists of approximately 114,300 square feet of retail space across 15 acres, according to a marketing flier. That includes the 40,000-square-foot former Martin’s building, which was closed about three years ago.

Active tenants include a mix of regional retailers and restaurants such as Southbound, Good Foods Grocery, Einstein Bagels, PetValu, Gelati Celesti and Music Tree.

Separately owned outparcels fronting West Huguenot Road, which house McDonald’s, a TowneBank branch and Hive Salon Studios, are not part of the sale.

Jim Ashby IV, a broker with Cushman & Wakefield | Thalhimer who with colleague Pam Strieffler has been leasing the shopping center for two years, said they nearly lined up a grocery tenant about two months ago to take over the former Martin’s space. But the deal fell through at the last minute.

The Stony Point Shopping Center is under contract with a potential buyer for an undisclosed price. It was most recently assessed by the city for $13.3 million.

While Ashby would not name that grocer, he said the center remains poised for growth.

“We’re working diligently to get a retailer to back fill Martin’s,” Ashby said. “[Stony Point] is a great asset with several tenants that have been there a number of years and are successful.”

He added two new signs – one each at the center’s entryways at Stony Point Road and Forest Hill Avenue – also are planned for the property.

Stony Point is about 56 percent occupied, according to a marketing flier, with an in-place net operating income of about $700,000 per year.

Stony Point also serves as one of the largest retail centers in south Richmond, attracting shoppers from Chesterfield’s Bon Air community and several West End neighborhoods in the city.

“It’s surrounded by several great neighborhoods,” Ashby said. “That, along with the tenants in the center, is what makes it attractive.”

Stony Point’s pending sale adds to HFF’s growing list of pending and completed deals across metro Richmond.

The firm has been assigned to sell the bulk of the White Oak Village retail complex at 4423-4591 S. Laburnum Ave. in east Henrico County.

It sold the 60-acre Cabela’s- and Wegmans-anchored West Broad Marketplace at 12300 W. Broad St. in Short Pump for $74 million.

HFF also listed, and later sold, the James Center, a three-building office complex encompassing nearly 1 million square feet at 901,1021 and 1051 E. Cary St., to Bill Goodwin’s Riverstone Properties about two years ago for $108 million.

The vacant former Martin’s grocery in the Stony Point Shopping Center is part of the Stony Point Shopping Center under contract with a potential buyer. (Photos by J. Elias O’Neal)

Still seeking a new grocery anchor, a Southside shopping center at the edge of the city is set to get a new owner.

The Stony Point Shopping Center at 3000-3002 Stony Point Road is under contract to be sold for an undisclosed price.

The seller is Illinois-based Next Realty LLC. HFF, a Dallas-based national brokerage, has the listing, which is expected to close in February, according to sources familiar with the transaction.

Next Realty purchased the center about six years ago for $15 million. It most recently was assessed by the city for about $13.3 million.

The listing consists of approximately 114,300 square feet of retail space across 15 acres, according to a marketing flier. That includes the 40,000-square-foot former Martin’s building, which was closed about three years ago.

Active tenants include a mix of regional retailers and restaurants such as Southbound, Good Foods Grocery, Einstein Bagels, PetValu, Gelati Celesti and Music Tree.

Separately owned outparcels fronting West Huguenot Road, which house McDonald’s, a TowneBank branch and Hive Salon Studios, are not part of the sale.

Jim Ashby IV, a broker with Cushman & Wakefield | Thalhimer who with colleague Pam Strieffler has been leasing the shopping center for two years, said they nearly lined up a grocery tenant about two months ago to take over the former Martin’s space. But the deal fell through at the last minute.

The Stony Point Shopping Center is under contract with a potential buyer for an undisclosed price. It was most recently assessed by the city for $13.3 million.

While Ashby would not name that grocer, he said the center remains poised for growth.

“We’re working diligently to get a retailer to back fill Martin’s,” Ashby said. “[Stony Point] is a great asset with several tenants that have been there a number of years and are successful.”

He added two new signs – one each at the center’s entryways at Stony Point Road and Forest Hill Avenue – also are planned for the property.

Stony Point is about 56 percent occupied, according to a marketing flier, with an in-place net operating income of about $700,000 per year.

Stony Point also serves as one of the largest retail centers in south Richmond, attracting shoppers from Chesterfield’s Bon Air community and several West End neighborhoods in the city.

“It’s surrounded by several great neighborhoods,” Ashby said. “That, along with the tenants in the center, is what makes it attractive.”

Stony Point’s pending sale adds to HFF’s growing list of pending and completed deals across metro Richmond.

The firm has been assigned to sell the bulk of the White Oak Village retail complex at 4423-4591 S. Laburnum Ave. in east Henrico County.

It sold the 60-acre Cabela’s- and Wegmans-anchored West Broad Marketplace at 12300 W. Broad St. in Short Pump for $74 million.

HFF also listed, and later sold, the James Center, a three-building office complex encompassing nearly 1 million square feet at 901,1021 and 1051 E. Cary St., to Bill Goodwin’s Riverstone Properties about two years ago for $108 million.

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