Silber of Silber Investment Properties and Petrakis of Petrakis Realty Group celebrate completion of their 300th deal
Plainview, NY The very first commercial real estate deal between Adam Silber of Silber Investment Properties and Peter Petrakis of Petrakis Realty Group of Seaford, N.Y., closed over 20 years ago.
Fast forward the two decades-plus: Silber and Petrakis closed their 300th deal in September and are celebrating a personal and professional relationship that works like a well-oiled machine.
“Peter is loyal, incredibly honest and he is a quick decision-maker. He is a go-getter,” said Silber about his long-time colleague. “He is everything in a buyer that I try to be in a broker.”
Indeed, Petrakis and Silber move fast together. While “Most buyers procrastinate,” said Silber, “Peter is always ready to see the next property. Together, we make deals happen.” Many buyers are overly analytical, fearful, he said, it’s almost like they are “Looking for a reason to walk away.” Not Petrakis.
Silber said, “Peter and I think the same way. You just have to go for it. Do the math and if it makes sense, take action.” The latest deal went down exactly like that: $1.5 million sale price, 7.7% cap—done.
To date, Silber and Petrakis have inked 300 deals, with number 301 already set to close. They agree this is an incredible milestone in a business sector where loyalty doesn’t always find its place in relationships.
“I have a tremendous amount of trust in Adam and I value his opinion. He has a large group of salespeople who generate a lot of listings that work for me,” said Petrakis, who owns hundreds of properties around the U.S. “If Adam and his people have a property they think is in my wheelhouse they will call me. If I like it, we wrap up a deal quickly.”
Petrakis is a big fan of triple-net leases (NNN) on essential businesses including 7-11, CVS, Walgreens, fast food restaurants, etc. He usually shys away from strip malls, preferring clean deals on reliable properties.
That being said, the milestone 300th deal between Silber and Petrakis was a small strip mall in Cherry Hill, N.J. It was an easy peasy decision for Petrakis. He said it was “cheap bricks along with a thriving 7-11 that’s been there for 57 years.”
Deal Details: A strip mall with 7-11, dry cleaner and a pizzeria, located at 217-221 Wisteria Ave. in Cherry Hill, N.J. The sale price was $1.552 million, with a 7.7% cap.
Stuart Frankel of Silber Investment Properties represented the seller while Silber represented the buyer (Petrakis).