Home » LI investor adds three retail properties to portfolio

LI investor adds three retail properties to portfolio

by Oliver Emma

Peter Petrakis, a Seaford-based commercial real estate investor, purchased three retail properties in Indiana and North Carolina for a total of $3.965 million. 

The buyer acquired an 18,000-square-foot retail building on 1.3 acres at 8905 E. 10th St. in Indianapolis, Ind. for $1.3 million. The property is net-leased to Walgreens and the sale price equates to a 7 percent cap rate. 

Petrakis also purchased a 5,472-square-foot restaurant building on .91 acres at 4383 National Road in Richmond, Ind. for $1.54 million. The property is net-leased to Chili’s and the sale price equates to a 4 percent cap rate. 

The third property acquired by Petrakis is a 2,979-square-foot restaurant building on 1.94 acres at 16 New Clyde Highway in Canton, N.C. for $1.125 million. The property is net-leased to Hardee’s. 

The three acquisitions were part of a 1031 exchange in which Petrakis sold an 11,183-square-foot retail building on .68 acres at 2846 Mahoning Ave. in Youngstown, Ohio for $1.945 million. The property is net-leased to CVS and the sale price equates to a 5.7 percent cap rate. 

Peter Petrakis and Adam Silber / Courtesy of Silber Investment Properties

All of the transactions were brokered by Plainview-based Silber Investment Properties, with Adam Silber representing Petrakis on the four deals. Stuart Frankel of Silber Investment Properties represented the buyer of the Youngstown property, Vincent Garrow, and Frankel also represented the seller, Ingram G7 Partners LP, in the Richmond, Ind. sales transaction. 

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

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Silber’s brokerage firm has facilitated well over 300 deals with Petrakis over the last two decades. Petrakis got his start in business in the early 1990s, when he opened his first One Stop Smoke Shop convenience store in Copiague. The business soon grew to about a dozen locations across Long Island.  

After operating the convenience stores for a few years, Petrakis started buying commercial real estate. Today, his firm and its affiliates own well over 100 commercial properties throughout the country, focused on assets that have essential businesses as tenants, such as 7-Eleven, CVS, Walgreens and quick service restaurants. 

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