South Shore Commons is one of the projects under PreReal’s™ RPO (Real Estate Portfolio Optimization) program. The program uses a holistic approach to driving value from cost-saving measures through sustainable practices to on-site optimizations, in addition to an extensive marketing plan to drive occupancy. PreReal™, Prendamano Real Estate represented both the buyer and seller in this transaction.
The purchaser, Jack Wolcowitz, noted, “We are excited to acquire one of Staten Island’s premier retail assets and continue to build upon the success of this vibrant shopping center. We’re extremely impressed by the resiliency of the Island’s Real Estate.”
“This sale marks an important chapter for PreReal™, Prendamano Real Estate, which was launched in 2020. This was a collaborative effort met with countless late nights as we navigated not only a shifting retail landscape but a global pandemic. The work of Rob Nixon, Brian McGowan, and Celia Iervasi embodies the transformative results the RPO program was intended to deliver. I’m exceedingly proud of the work the team did here, and we look forward to continuing to drive value for our clients,” said James Prendamano, CEO & Founder PreReal™, Prendamano Real Estate. The purchase price is undisclosed.
As previously reported in 2018, the father-son duo, Murray and David Berman, acquired South Shore Commons for $41 million dollars. The site was originally built by Guido Passarelli in 2007 and was home to 30 +/- tenants for close to 10 years. However, it’s no secret that the retail landscape had changed dramatically over that decade. At the time of purchase, the site needed a repositioning. The Bermans, along with the team at PreReal™, Prendamano Real Estate, rolled up their sleeves and executed one of the most noteworthy repositionings the Island has ever seen.
Over the past four years, the tenant roster has been significantly improved. The center now features an entire children’s wing, a parent’s lounge, and is geared towards experiential, F&B, and service-based retail. The team ultimately drove value by maximizing tenant synergies. Some of the newest retail lease signings by tenants include Next Level Golf, Sola Salons, Vitalia, Dolce Fantasia, SensationALL Kids, Leaps and Bounds & Luce. Additionally, four new tenants that are currently under construction will be announced in the late spring. These additions now harmonize with the remaining, outstanding tenant roster.
