Richmond open-air regional shopping center sells

WASHINGTON, D.C., April 27, 2022 – JLL Capital Markets announced today that it has closed the sale of Stony Point Fashion Park, a 396,961 square-foot, single-story, open-air regional shopping center in Richmond, Virginia.

JLL advised the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond, Virginia. Second Horizon Capital acquired the asset.

Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s, along with an 83,600-square-foot Saks Fifth Avenue. The open-air center is also home to a dynamic mix of popular tenants, including Restoration Hardware, Tiffany & Co., Brooks Brothers, Anthropologie, Latitude Seafood, P.F. Chang’s, CMX CineBistro, Vineyard Vines, Talbots, Fleming’s Steakhouse, Eggspectation and LensCrafters. The center also provides new ownership an opportunity to reposition the property’s vacant big box and inline tenant space.

Stony Point Fashion Park is positioned on 45 owned acres at 9200 Stony Point Pkwy. just off Chippenham Parkway in Richmond. This high-traffic location makes the property visible to approximately 75,000 vehicles per day. The center serves an expanded trade area that includes approximately 915,000 residents within a 15-mile radius. This area is primed for growth, with the trade area projected to increase meaningfully in the years ahead, demonstrating the health of the market and attractiveness of Richmond’s low cost of living and unemployment rate and high quality of life.

The JLL Retail Capital Markets team advising the seller was led by Senior Managing Director David Monahan and Senior Directors Cameron Pittman and Jordan Lex, along with Managing Director Jimmy Appich and Vice President Spotty Robins with JLL’s Agency Leasing team.

“The depth of capital seeking investment opportunities like Stony Point Fashion Park has increased exponentially over the past 12 to 24 months,” Monahan said. “Second Horizon Capital is a perfect example of this – a company created to acquire and reimagine underutilized assets. We are excited to see how they transform this asset in the coming years.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Second Horizon Capital is an impact investment real estate company that partners with communities to reimagine large-scale, underutilized commercial properties as vibrant destinations and local economic engines. The firm honors its role by investing in, supporting and stewarding each community that it joins. Second Horizon Capital focuses on bringing community stakeholders, including municipalities, business owners, community groups, tenants and end-users to the forefront in reinvigorating community hubs. By driving long-term value enhancement, seeking more equitable outcomes, and partnering with local stakeholders, Second Horizon Capital works to enhance its communities, as well as the properties themselves. For more information, visit secondhorizon.com.