The 42-year-old center has been anchored by Trader Joe’s since 2020. (Mike Platania photos)
What’s the value of having Trader Joe’s as a tenant in a shopping center? Depending how you measure it, about $31 million.
The Stony Point Village shopping center at 3000-3096 Stony Point Road, which is anchored by the grocery chain, sold last week for $41.3 million, according to city property records.
That’s nearly four times the price the retail property last sold for seven years ago, before Trader Joe’s had signed on as a tenant and opened its store there.
The Oct. 16 sale was between two firms from the Carolinas: Charlotte, North Carolina-based Asana Partners was the buyer and Ziff Real Estate Partners of Charleston, South Carolina, was the seller.
Ziff had purchased the Bon Air-area center in 2019 for $10.4 million. At the time, the center was only around 56% occupied with a notable vacancy in its anchor space because Martin’s grocery store had pulled out. But shortly after Ziff’s purchase in the early days of the pandemic, Trader Joe’s signed on to open in Stony Point Village for what would be its second Richmond-area location.
In the years since then the center has gradually filled out and is now over 95% occupied.
Longtime tenant Good Foods Grocery expanded within the center, the former Martin’s space was split between Trader Joe’s and Planet Fitness, and retailers both national and local like Sephora and Baggio have since moved in. Last year it welcomed a new local restaurant, The Granite Grill, a concept from the restaurant group behind Tazza Kitchen and Conejo.
Stony Point Village has seen some churn, most notably with longtime restaurant Southbound closing in 2024. But that space has already turned over and is now set to become the first Richmond-area location for fast-casual brunch spot Vicious Biscuit.
A spokesperson for Asana confirmed the deal but declined to comment further.
In an announcement, Ziff said the firm “repositioned the center through a deliberate leasing program” and hailed it as an example of what “thoughtful reinvestment can do for a well-located center.” Company leaders weren’t available for further comment by press time.
Stony Point Village appears to be Asana’s first investment in the Richmond area. According to its website, Asana is a retail-focused real estate investment firm with over $9 billion in assets under management.
About 3,000 of Stony Point Village’s 114,400 square feet remains available. Thalhimer’s Jim Ashby has the listing.
The property was most recently assessed by the city at $17.3 million.
Now that it has closed out the Stony Point Village deal, Ziff said in its release that it has a “strong desire” to reinvest in the Richmond market.
Meanwhile, a third local Trader Joe’s grocery store is in the works at Midtown64, the under-construction mixed-use redevelopment of the former Genworth campus west of Willow Lawn.
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