Stony Point Fashion Park sold to Florida owner | Local Business News

From staff reports

Stony Point Fashion Park in South Richmond has been sold to a new owner after struggling in recent years as it lost restaurant and retail tenants.

Boca Raton, Fla.-based real estate investment firm Second Horizon Capital said in a statement that it closed on the acquisition of the 687,411-square-foot retail center.

Howard Levine, co-founder and managing partner, said the group plans to work “with community stakeholders to design a long-term vision for the property.”

“At the same time, we will be working to energize on-site activity, improve the tenant and shopper experience, and better leverage existing infrastructure,” he said.

Stony Point, off Chippenham Parkway, opened in September 2003, two weeks after crosstown rival Short Pump Town Center opened.

Starwood Retail Partners, which bought Stony Point and two other malls in 2014, defaulted on the loan in March 2020. It was put under new ownership in late April of that year.

Stony Point’s anchor tenants are Saks Fifth Avenue, Dillard’s and CinéBistro.

The mall has seen an exodus of high-profile tenants in recent years.

Richmond BizSense reported in September that clothing store Banana Republic was leaving Stony Point.

In 2020, the first year of the COVID-19 pandemic, the mall lost such tenants as fashion retailer H&M, cookware and kitchen retailer Sur La Table and Panera Bread bakery-cafe.

Sur La Table, one of the original tenants at the mall, closed after the Seattle-based chain filed for federal bankruptcy protection. Brio Tuscan Grille, another of the mall’s original tenants, permanently closed there as the chain’s parent company filed for bankruptcy protection.

Dinner-and-movie theater operator CinéBistro, which had been a tenant at Stony Point for nearly a decade, reopened its cinema complex in late 2020, months after its parent company filed for bankruptcy protection.

The 84,000-square-foot Dick’s Sporting Goods store had closed in September 2018 and remains vacant. The mall previously lost some of its higher-end tenants, including Louis Vuitton, Betsey Johnson, Hollister Co. and Build-a-Bear Workshop.