CHICAGO—A limited liability company, created by Northstar Commercial Partners, has just purchased an 11-property portfolio of former LubePro's facilities in Illinois and Wisconsin. Northstar officials say they cannot disclose the sale price. In early September, Colorado-based Grease Monkey International, Inc., a chain of automotive preventive maintenance centers with about 270 outlets, making it one of the nation's largest, announced that they had just bought the assets and contracts of LubePro's International, Inc., a competitor that had 30 outlets in four states.
Northstar worked alongside Grease Monkey on the transaction as they purchased LubePro, and acquired the owner-occupied real estate to facilitate the deal. Grease Monkey Midwest, LLC, a subsidiary of GMI, has also just signed 15-year triple-net leases for the properties.
Seven of the properties are located in the Rockford area, including one each in Belvidere, Loves Park and just over the state line in Beloit, Wisconsin. The other four are in Peoria, Normal, Sycamore and north suburban Lake County.
"We are very pleased to work with Grease Monkey in their acquisition of LubePro's. Northstar has worked with many corporations in buying their vacant or leased real estate and assisting with M&A transactions," says R. Brian Watson, the founder and president of Denver-based Northstar, who led the investor group that bought the portfolio, and which has the ability to purchase two more former LubePros being converted to Grease Monkeys.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
