What will mall sale mean for Stony Point Fashion Park?

Stony Point Fashion Park  is just one part of a $1.4 billion mall sale. (PHOTO: Evelyn Rupert)

Stony Point Fashion Park is just one part of a $1.4 billion mall sale. (PHOTO: Evelyn Rupert)

RICHMOND, Va. – A Connecticut REIT is on a shopping spree, and it has its eye on one of Richmond’s largest malls.

Starwood Capital Group will buy Stony Point Fashion Park in a $1.4 billion deal that also includes Norfolk’s MacArthur Center and five other malls owned by Michigan-based Taubman Centers. The deal, announced Wednesday, is expected to close in the fourth quarter.

Earlier this year, Taubman paid off a nearly $100 million mortgage backed by the 10-year-old Southside mall. The decision to pay down the loan was not linked with the mall’s forthcoming sale, Taubman spokesman Christopher Tennyson said.

“We call it recycling our capital,” Tennyson said. “We look for opportunities where we’ve created assets and capital, and we’re always willing to sell if we feel like we can get a price that makes it attractive for us to move forward and invest in other things.”

Click here to continue reading about the sale on RichmondBizSense.com.

13 comments

  • Karl Hott

    With the high rate of vacancies and turnover at Stony Point, I would hope the new owners solicit more mainstream retailers that actually sell products which the average shopper needs.

  • Mo Fiscal conservatism

    I’m going to miss having a mall around here that targets my class of shopper. The ones who like finer things and don’t need discount, chain stores like Macy’s. But I guess the Metro Richmond market is make up of the trashier consumer…

    • wendy

      Everyone loves the finer things in life, what make you think you are better than anyone else? In reality you probably haven’t even been to this mall, and even if you do have more than the average person, does that give you the right to call people trash? You may be up today but tomorrow you could be the trash that you call others.

      • Mo Fiscal conservatism

        Wendy you’re correct that having more doesn’t make anyone better. But having better taste and a more sophisticated lifestyle does. Taking one thing and calling it another doesn’t prove any point.
        Go to Chesterfield Town Center and take a look at the average clientele. Compare that to the clientele of Stoney Point only a couple of years ago. You have your winners and your losers in life. The only people who say that isn’t true are either trust fund babies, or the latter.
        Checkmate

    • Concerned

      If your stuck up behind is so unhappy here, feel free to leave. In my experience those who make the most tend to be the ones wanting a “deal” or freebies. Get off your high horse before some one pushes you off. There is nothing trashy about those who shop at regular stores. Bet you we arent swimming in credit card debt or worried about our husbands losing their jobs in the next investment bubble!

  • carryann

    unless stores in these malls can start to compete with prices of online stores such as amazon and others theres no hope for malls in the future.Yes its great to hold something before you buy it but not to pay 20% more for it.People go to stores,see something then go online and buy it cheaper.And gerry your right,who goes to the mall to buy their art or fine china?

  • 1mstonib

    I appreciate a variety of stores. Short Pump has discount stores and a great variety. I would not consider it trashy.

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