Phillips Edison & Company Acquires Staten Island Shopping Center for $57 Million

Phillips Edison & Company, a real estate investment trust specializing in grocery-anchored shopping centers, has acquired the 157,347-square-foot South Shore Commons on Staten Island for $57 million. The transaction, which equates to $362 per square foot, involves the outdoor shopping center located at 2965 Veterans Road West. This marks the second time the property has changed hands in four years.

Joyland Management, which had refinanced the property for $41.8 million in 2023 after purchasing it in 2022, acted as the seller. Newmark’s Daniel O’Brien, Conor Lalor, Caroline Hodes, Loren Valla, Felton Hatcher, and Adam Spies represented the seller and procured the buyer. Joyland Management’s Joel Wertzberger, Judy Wolcowitz, and Jack Wolcowitz handled the sale in-house for their firm. The tenant roster at South Shore Commons includes Filoncino Bakery Cafe, Dunkin, Pronto Pizza, Sola Salon Studios, Retro Fitness, and Sally Beauty. This acquisition highlights continued investor interest in established retail assets within the New York metropolitan area, offering stable income streams for developers and investors.