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Phillips Edison buys Staten Island shopping center for $57M

The 157,347-square-foot outdoor plaza, South Shore Commons, changed hands again after Joyland paid $41.8 million to refinance it in 2023.

Reported · Written up by our desk · Commercial

Commercial Observer reports that Joyland Management sold South Shore Commons, a grocery-anchored outdoor shopping and dining plaza at 2965 Veterans Road West in Staten Island, to Phillips Edison & Company.

The deal values the 157,347-square-foot center at $57 million, which the outlet calculates as $362 per square foot.

According to Commercial Observer, the shopping center was sold for the second time in four years, with Joyland having bought the property in 2022 for an undisclosed price and refinancing it in 2023 for $41.8 million.

The outlet also said the transaction was confirmed by a source familiar with the deal, and that spokespeople for the buyer and seller did not immediately respond to requests for comment.

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