RICHMOND, VA (WWBT) - The owners of Stony Point Fashion Park sold the mall and six others to another mall ownership group, the two companies announced Wednesday.
Taubman Centers, Inc. announced an agreement to sell the Richmond mall to Starwood, along with six others in its portfolio.
"The seven centers we are selling are strong properties that fit well within the Starwood portfolio and will continue to thrive under their management," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.
Starwood called the acquisition "highly strategic," saying it would help expand its footprint.
"These assets will expand SRP's retail portfolio to 28 properties totaling 26.8 million square feet across 15 states. The Taubman portfolio broadens our relationships with higher end department stores and in line tenants and gives us an excellent opportunity to continue to produce attractive returns for our investors," said Barry Sternlicht, chairman & chief executive officer of Starwood Capital Group.
MacArthur Center in Norfolk was also part of the sale, as well as malls in Charlotte, Wellington, FL, Plano, TX, Clinton Township, MI and Dearborn, MI.
The transaction has already been approved by Taubman Centers' Board of Directors, but is subject to normal closing conditions.
Champps recently closed at the mall, due to bankruptcy. A Starbucks store also closed in February. A spokesperson called the move a "painful decision," but said it was "the right business decisions for the sake of Starbucks long-term growth."
At the time Stony Point General Manager Steve Bonniville dismissed the closures, saying the two departures didn't "speak to how well the center is doing at all," while hinting at exciting news to come.
"Stony Point Fashion Park is here for the long haul," said Bonniville at the time. "Don't read anything into what happens on a one-off basis. We are planning on being around for a while."
The nearest Starwood mall prior to the acquisition was in Cumming, GA.