Listen to this articleA Long Island commercial real estate investment firm has acquired six upstate retail properties.
Seaford-based Petrakis Properties bought the properties, all net-leased to 7-Eleven, for $3.537 million.
The deals include a 2,100-square-foot convenience store and gas station at 40 Big Tree St. in Livonia that sold for $518,177; a 1,400-square-foot store and gas station at 5947 E. Henrietta Road in Rush that also sold for $518,177; a 2,500-square-foot building and gas station at 26 E. Naples St. in Wayland that sold for $659,499; a 2,800-square-foot retail building and gas station at 9169 Albany/Buffalo Road in Bloomfield that sold for $753,712; a 2,080-square-foot store and gas station at Route 36 and Hulbert Street in Arkport that sold for $544,086; and an 1,820-square-foot retail building and gas station at 4661 N. Main St. in Hemlock that also sold for $544,086.
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 sales transaction.
The latest deals bring the total of sold properties between Petrakis and Countryside ALF to 18.
“After selling Peter’s Walgreens in Long Island City a few months back, he needed to complete his 1031 exchange,” Silber told LIBN. “My office knows how much Peter likes low-rent deals with great potential upside. This package of 7-Elevens gave him that.”