A Southside Richmond shopping center that was more than half empty just a few years ago has sold for $41.3 million, nearly four times what it fetched before Trader Joe's moved in. Stony Point Village, the strip center at 3000-3096 Stony Point Road, closed its sale on Oct. 16.
From Half-Empty to Nearly Full
According to Richmond BizSense, city property records show the $41.3 million sale price represents nearly four times the center's 2019 sale price, which that same reporting put at $10.4 million. A separate BizSense report from 2024 had put the 2019 purchase price at $10 million, when South Carolina-based Ziff Real Estate Partners bought the property. Whichever figure is accurate, the jump in value traces back to a rough patch: Martin's vacated its anchor space in 2019, and the center was only about 56% occupied that year, the outlet reported.
The turnaround began in 2020, when Trader Joe's signed on to anchor the center, according to the same reporting. The grocer leased a 12,995-square-foot space in the former Martin's/Ukrop's spot, which was under renovation at the time, per Cushman & Wakefield | Thalhimer. The old anchor space was eventually split between Trader Joe's and Planet Fitness, which leased 17,476 square feet at the center and opened next door to the grocer on Feb. 22, 2023, according to Ziff Real Estate Partners.
A Leasing Wave Fills the Center
Tenants kept arriving after Trader Joe's set up shop. Good Foods Grocery expanded within the center, Sephora opened a store, and Baggio moved in, per the BizSense report on the sale. The Granite Grill, a concept from the restaurant group behind Tazza Kitchen and Conejo, opened at Stony Point Village in 2025, while Vicious Biscuit is set to open its first Richmond-area location in the space once occupied by Southbound, which closed its restaurant there in 2024. By the time of the sale, the center was more than 95% occupied, the BizSense report found — a sharp reversal from its 56% occupancy before the grocer arrived.
Stony Point Village has been reported at varying sizes across sources: BizSense's recent sale coverage put it at 114,400 square feet, while Thalhimer listed it as 114,422 square feet, and Ziff Real Estate Partners described it as 112,238 square feet. The BizSense sale report put remaining available space at about 3,000 square feet, while a 2024 BizSense story on the center's leasing had noted only 5,200 square feet of the roughly 114,000-square-foot property still available at that time.
Buyer, Seller and the Asking Price
Retail-focused investment firm Asana Partners bought the center from Ziff Real Estate Partners, with the deal appearing to mark Asana's first Richmond-area investment, according to BizSense's reporting. Asana Partners, which reports more than $9 billion in assets under management on its company website, had a spokesperson confirm the deal to BizSense but decline further comment. Jim Ashby held the listing for the property, per the same report, and the city had assessed Stony Point Village at $17.3 million.
Ziff Real Estate Partners told BizSense it repositioned the center through a deliberate leasing program, describing the project as an example of what thoughtful reinvestment can do for a well-located center. The firm also expressed a strong desire to reinvest in the Richmond market, the outlet reported.
Grocer Expansion and a Hot Regional Market
Trader Joe's isn't done growing in the region. The chain is planned for Midtown64, an under-construction mixed-use redevelopment of the former Genworth campus west of Willow Lawn, and BizSense's reporting notes the grocer is working on a third local store.
The sale lands amid a broader surge in Richmond retail investment. Regional vacancy hovered around 3.6% in the second quarter of 2026, according to REBusinessOnline, which also reported that tight supply has pushed rents upward and left landlords with the upper hand. Investors have kept chasing grocery-anchored and neighborhood retail centers across the region, the outlet noted, pointing to a steady stream of shopping center transactions — including sales of West Broad Commons, Tuckernuck Commons and the Fresh Market-anchored Ridge Shopping Center earlier in 2026 — that have fueled a surge in retail investment volume dating back to the beginning of 2024.
