Joyland Management has sold South Shore Commons, an outdoor shopping and dining center on Staten Island’s South Shore, to real estate investment trust Phillips Edison & Company for $57 million.
The 157,347-square-foot property stands at 2965 Veterans Road West. The transaction equates to roughly $362 per square foot, providing a current pricing benchmark for a sizable open-air retail asset in the borough.
The sale marks the second ownership change at South Shore Commons in four years. Phillips Edison & Company owns and manages retail properties, adding the Staten Island center to its portfolio through the acquisition.
The transaction was first reported by Commercial Observer. For investors and retail tenants, the deal underscores continued institutional interest in established neighborhood-oriented shopping destinations.
