Stony Point Fashion Park is officially on the market.
The South Richmond mall has been formally listed for sale and is being pitched as a “redevelopment opportunity,” according to a JLL flyer for the property.
“Stony Point Fashion Park offers prospective purchasers the potential to meaningfully reposition a major asset in the Richmond, Va. MSA. Demonstrated interest by entertainment uses for the former Dick’s box could potentially anchor and propel a significant and productive repositioning of the property,” the flyer reads.
A listing price was not included in the flyer.
Calls to the brokers listed weren’t returned Thursday afternoon. They include local JLL broker Jimmy Appich.
Woodmont Co. currently manages the mall, and the company didn’t respond to a request for comment Thursday.
JLL is presenting the mall to “select investors” who signed a confidentiality agreement and the property is being offered as-is. The mall is 67 percent occupied, according to the flyer. Vacancies include 32 smaller storefronts totaling 92,000 square feet and the 83,000-square-foot former Dick’s Sporting Goods building.
The 687,000-square-foot mall, which sits on 62 acres at 9200 Stony Point Parkway, was built in 2003. Its anchor tenants are Dillard’s and Saks Fifth Avenue.
The listing comes less than two years after ownership of the mall fell into the hands of a special servicer, a transfer prompted by previous owner Starwood Retail Partners falling behind on loan payments in early 2020.
Starwood bought the mall for $72 million in 2014. Prior to losing ownership, Starwood had been in discussions to purchase a portion of the parking lots surrounding Stony Point from the Richmond Economic Development Authority for a potential expansion.
The deal never materialized.
The EDA owns roughly 41 acres of surrounding parking. The sale flyer touts “infill development potential,” though it doesn’t specify whether that would involve some of the parking areas.
Recent tenant arrivals at Stony Point include cooking school Edible Education and axe range Stumpy’s Hatchet House. Several tenants cleared out during the pandemic, including Panera Bread, Les Crepes and Sur La Table.