Joyland Offloads Staten Island Shopping Center After 4 Years
Joyland Management wrapped up a four-year ownership stint of a Staten Island shopping center, but the success of its brief investment is unclear.
Real estate investment trust Phillips Edison & Company purchased South Shore Commons at 2965 Veterans Road West for $57 million, the Commercial Observer reported. The deal for the 157,000-square-foot shopping and dining plaza breaks down to $362 per square foot.
Neither company responded immediately to requests for comment. The transaction was first reported by Traded.
Tenants at the property include Filoncino Bakery Cafe, Dunkin, Pronto Pizza, Sola Salon Studios and Retro Fitness. There’s more than 25,000 square feet of space available there today, according to LoopNet.
Joyland’s Joel Wertzberger, Judy Wolcowitz and Jack Wolcowitz negotiated the deal in-house for the seller, while a Newmark team including Daniel O’Brien, Conor Lalor and Caroline Hodes represented the buyer.
Joyland purchased the property four years ago, but the price of the deal was never revealed. It was hinted at a year later, however, when the firm refinanced the property with a $42 million loan; prior to Joyland’s purchase, it traded in 2018 for $41 million.
Joyland started the year as a seller, too. In January, the Carlyle Group and Z+G Property Group acquired a 132-unit, 13-story apartment building at 130 Second Street in Gowanus, Brooklyn, for $105 million. The seller was a joint venture of Joyland, Meral Property Group and the Loketch Group.
In March, meanwhile, Phillips Edison purchased a 46,786-square-foot retail plaza in West Covina for approximately $25.8 million from Golden East Investors. The Ohio-based company is one of the nation’s largest owners and operators of grocery-anchored shopping centers.
Elsewhere on Staten Island, Dov Hertz’s DH Property Holdings sold a 53-acre industrial outdoor storage site at 1900 and 1800 South Avenue to Jadian Capital for $167 million. Jadian plans to operate the fully leased property, which features a waterfront dock and rail access, as an industrial outdoor storage site as part of its expansion into the Northeast.
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