What will mall sale mean for Stony Point Fashion Park?
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.”