Northstar Buys Portfolio in Net Lease Deal

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.