Tag: florida retail

Two area investors have acquired retail properties in Virginia and Florida in deals brokered by a Long Island firm. 

Seaford-based Petrakis Properties, a commercial real estate investment firm headed by Peter Petrakis, acquired a retail strip center in Norfolk, Va. 

Petrakis purchased the 5,400-square-foot building on .67 acres at 1877 E. Ocean View Ave. for $1.3 million. 

The three-store strip is anchored by a 7-Eleven, with a lease that expires in Aug. 2026. The other tenants are East Tide CBD and Ocean Coin Laundry. 

The sale price equates to a 6.75 percent cap rate. 

Adam Silber, principal of Plainview-based Silber Investment Properties represented the buyer, while his Silber Investment Properties colleague Chris Madlon represented the Norfolk-based seller, G&G Cape View LLC, in the sales transaction. 

In the second deal, FMJ Properties LLC, an affiliate of a New York-based commercial real estate investor, acquired a restaurant property in Florida. 

FMJ purchased the 5,688-square-foot restaurant building on 1.91 acres at 940 U.S. Highway 1 in Vero Beach for $2.55 million. 

The property is triple-net leased to a Chili’s restaurant, which recently extended its lease for 10 years. The lease is backed by publicly traded Chili’s owner Brinker International, which has over 1,600 locations, according to a broker on the deal. 

The sale price equates to a 5.7 percent cap rate. 

Nicolas Anzalone of Silber Investment Properties represented the buyer, while his Silber Investment Properties colleague Madlon represented the seller, 940 US 1 LLC, in the Vero Beach sales transaction.