Listen to this articleA Long Island commercial real estate investment firm has acquired five retail properties in three states.
Seaford-based Petrakis Properties purchased a 2,250-square-foot retail building and gas station on 2.67 acres at 63 Kimble Road in Berryville, Va. for $1.4 million. The property is net-leased to 7-Eleven and the sale price equates to a 5.6 percent cap rate.
The firm also purchased an 8,028-square-foot retail building and gas station on 1.78 acres at 6315 Rowan Road in Newport Richey, Fla. for $1.4 million. The property is also net-leased to 7-Eleven and the sale price equates to a 5.22 percent cap rate.
In addition, Petrakis Properties closed on the purchase of three retail properties in upstate New York. They included a 2,176-square-foot retail building and gas station at 8486 Main St. in Honeoye, N.Y. that sold for $706,605 and a 1,416-square-foot retail building and gas station at 8400 Buffalo Road in Bergen N.Y. that sold for $460,303. Both properties are net-leased to 7-Eleven.
The deal also included a 1,200-square-foot retail building and gas station at 46 Main St. in Hammondsport, N.Y. that sold for $105,888, that is net-leased to Quik Shoppe.
The three closings were part of an acquisition of nine upstate convenience stores and gas stations totaling more than $4.8 million that Petrakis just acquired from Countryside ALF LLC / Wyoming Realty Inc. The sales of the other six properties closed last month.
The sale prices equate to a combined 5.74 percent cap rate. All of the leases are set to expire on May 1, 2027, according to the brokers on the deal.
Adam Silber, president of Plainview-based Silber Investment Properties represented the buyer, while his Silber Investment Properties colleague Jesse Tufariello represented the seller, Countryside ALF LLC / Wyoming Realty Inc., in the New York sales transactions. The latest deals bring the total of sold properties between Petrakis and Countryside ALF to 21.
Silber also represented Petrakis Properties in the Virginia and Florida sales transaction, while his Silber Investment Properties colleague Nicolas Anzalone represented seller MLC-VA LLC in the Virginia deal and Silber’s Bret Verderber represented seller KiKi Courtelis in the Florida sale.
“This year has been challenging within the investment sales real estate industry,” Silber told LIBN. “I’m proud of my team for continuing to work hard and continue to dig for good deals.”