South Shore Commons, an established retail and dining centre on Staten Island, has changed hands for the second time in four years. Joyland Management sold the 157,347 square-foot open-air shopping centre at 2965 Veterans Road West for $57 million, which equates to $362 per square foot.
The buyer is the Real Estate Investment Trust Phillips Edison & Company, which owns and manages supermarket-anchored shopping centres across the US. A source familiar with the deal confirmed the transaction. Initial reporting was by Traded.
Joel Wertzberger, Judy Wolcowitz, and Jack Wolcowitz of Joyland Management handled the sale internally. Newmark experts Daniel O'Brien, Conor Lalor, Caroline Hodes, Loren Valla, Felton Hatcher, and Adam Spies represented the seller and sourced the buyer.
Background to the Transaction
Jack Wolcowitz acquired South Shore Commons in 2022 for an undisclosed price. Joyland refinanced the property in 2023 with $41.8 million. Prior to that, the property was traded for $41 million in 2018, underscoring the dynamics of the local market.
The current tenant roster at South Shore Commons includes a range of well-known retail and dining establishments, contributing to the location's appeal. These include Filoncino Bakery Cafe, Dunkin, Pronto Pizza, Sola Salon Studios, Retro Fitness, and Sally Beauty.
Market Significance
The transaction demonstrates continued institutional investor interest in well-established retail properties in prominent locations, especially those with high tenant quality and stable incomes. This strategic acquisition by Phillips Edison & Company further solidifies its position in the supermarket-anchored shopping centre segment.
