$3.44M in retail property trades for LI firm

A Long Island commercial real estate investment firm has bought and sold retail properties totaling $3.44 million in trades. 

Seaford-based Petrakis Realty Group sold a 6,153-square-foot retail building on .46 acres at 723 N. Bridge St. in Elkton, Md. for $1.175 million. The property, sold to a California-based investment firm, is net-leased to CVS and the sale price equates to a 7.5 percent cap rate. 

Petrakis Realty purchased a 2,500-square-foot retail building on .38 acres at 1574 Old Buckroe Road in Hampton, Va. for $1.117 million. The property is net-leased to 7-Eleven and the sale price equates to a 5.5 percent cap rate. 

Petrakis also acquired a 2,640-square-foot retail building on 1.23 acres at 1101 W. Laraway Road in New Lenox, Ill. for $1.15 million. The property is net-leased to 7-Eleven. 

Nick Anzalone of Silber Investment Properties represented the buyer, North Bridge LLC, in the Maryland CVS sale, while Adam Silber of Silber Investment Properties represented the seller, Petrakis Realty Group. 

Silber and Anzalone represented buyer Petrakis in the Virginia 7-Eleven sale, while Brent Hanna of Encore Real Estate represented the seller, Hampton Corner LLC. 

In the Illinois 7-Eleven deal, Silber represented buyer Petrakis, while Anzalone represented seller MMV LLC. 

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