LI investor adds three retail properties to portfolio

Peter Petrakis, a Seaford-primarily based industrial genuine estate investor, obtained three retail qualities in Indiana and North Carolina for a overall of $3.965 million. 

The purchaser obtained an 18,000-sq.-foot retail creating on 1.3 acres at 8905 E. 10th St. in Indianapolis, Ind. for $1.3 million. The residence is web-leased to Walgreens and the sale price tag equates to a 7 p.c cap amount. 

Petrakis also obtained a 5,472-sq.-foot restaurant developing on .91 acres at 4383 Countrywide Road in Richmond, Ind. for $1.54 million. The assets is net-leased to Chili’s and the sale value equates to a 4 {d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} cap amount. 

The third house acquired by Petrakis is a 2,979-square-foot cafe setting up on 1.94 acres at 16 New Clyde Freeway in Canton, N.C. for $1.125 million. The assets is web-leased to Hardee’s. 

The a few acquisitions were part of a 1031 exchange in which Petrakis offered an 11,183-square-foot retail developing on .68 acres at 2846 Mahoning Ave. in Youngstown, Ohio for $1.945 million. The house is net-leased to CVS and the sale value equates to a 5.7 p.c cap price. 

Peter Petrakis and Adam Silber / Courtesy of Silber Expense Attributes

All of the transactions ended up brokered by Plainview-based mostly Silber Financial investment Houses, with Adam Silber symbolizing Petrakis on the four bargains. Stuart Frankel of Silber Financial investment Houses represented the purchaser of the Youngstown property, Vincent Garrow, and Frankel also represented the seller, Ingram G7 Partners LP, in the Richmond, Ind. revenue transaction. 

Michael Turkowitz of Silber Investment decision Houses represented the vendor, Sharon Thomas, in the Indianapolis transaction and his colleague Nicolas Anzalone represented the seller, Rocking C Investments LLC, in the Canton, N.C. deal. 

Silber’s brokerage firm has facilitated effectively around 300 discounts with Petrakis over the last two a long time. Petrakis got his start in business in the early 1990s, when he opened his to start with 1 Stop Smoke Shop benefit retailer in Copiague. The business soon grew to about a dozen places throughout Extensive Island.  

Immediately after working the convenience retailers for a couple decades, Petrakis started buying commercial real estate. Today, his organization and its affiliates individual very well over 100 commercial properties all over the region, concentrated on belongings that have essential firms as tenants, these kinds of as 7-Eleven, CVS, Walgreens and swift services places to eat.