A South Carolina-based real estate investment firm has picked up a Southside shopping center in its first foray into metro Richmond.
Ziff Properties purchased the Stony Point Shopping Center at 3000-3002 Stony Point Road for $10.4 million, according to city property records.
The transaction was completed Feb. 20, according to deeds recorded with the city’s real estate division. The shopping center, which mostly fronts Huguenot Road, most recently was assessed by the city at $13.2 million.
Based near Charleston, Ziff Properties owns and operates retail centers, self-storage facilities and flex industrial spaces across several Southeastern states. Its properties in Virginia include a shopping center in Fredericksburg.
Ziff purchased Stony Point from Illinois-based Next Realty LLC, which bought the center four years ago for $15 million.
Ziff put the center under contract in December, said Gordon Valentine Jr., the company’s assistant director of acquisitions.
Changes are planned
Valentine said the company is evaluating plans to refresh and enhance the 15-acre property. He did not disclose a timeline or investment estimate.
“We think it’s a great property that shows tremendous potential,” Valentine said. “We are excited about the opportunity to work with local businesses as we continue to enhance the Stony Point Shopping Center.”
Stony Point consists of approximately 114,300 square feet of retail space, including the 40,060-square-foot former Martin’s grocery store space that has been vacant for about three years.
Valentine, a Richmond native, said the company is entertaining offers for an anchor tenant or multiple tenants to fill the former Martin’s space as well as other vacant units at Stony Point. He said one goal is to attract a grocery store.
Including that space, Stony Point is about 56 percent occupied with a mix of retailers and restaurants. Tenants include Southbound, Good Foods Grocery, Einstein Bagels, PetValu, Milby’s Just Kids, Gelati Celesti, Hot Yoga Richmond and Music Tree.
Separately owned outparcels fronting Huguenot Road that house a McDonald’s, a TowneBank branch and Hive Studios were not part of the sale.
While Ziff will manage the shopping center, Jim Ashby and Pam Strieffler, brokers with Cushman Wakefield | Thalhimer, will continue to handle leasing, along with Ziff’s Alec Boyle.
Ashby said the leasing team is in talks with potentially new-to-market grocers that are interested in the site. He would not elaborate on them. He said another restaurant is looking at taking over the former Benny’s BBQ space, which has been vacant since it closed in October 2016.
Valentine said Ziff is seeking additional acquisition opportunities across the region and state.
As a resident in the area, I’m excited to see what new tenants can be attracted to this property. Southbound & Bottleworks have been great additions, and many other stores like Gelati Celesti & Franks are staples in the area. The demographics have gotten better & better for the 5 years my family has lived here, and we see only continued investment in the area – welcome to the neighborhood!
Trader Joe’s would be an ideal fit here.
Trader”s Joes said no to the last owners; who people need to realize did few improvements and sold it at a 33% loss after 4 years in a booming real estate market. The grocery market is over, as in the 9th Ward of New Orleans after Katrina, saturated in Richmond. Lidl and Aldi have stopped expansions and Walmart is closing neighborhood markets. I would love to know which grocery retailer not already in RVA is looking at this area for a store. Of the top 25 stores, between the stores we have, those forms that have not recently pulled out,… Read more »
Not only did Lidl misjudge the Richmond market, it seems based on the info I am hearing that they misjudged the entire US market.
No doubt the previous owner squandered a chance to turn a profit on the old stony point.
The new stony point mall (with Saks) owners seem to be following suit ….my only guess there is a tax write off or a planned bankruptcy with that mall.