Hendricks Commercial Properties purchases 112 acres in Delafield
“There is a special provision within the agreement that allows for the development of a fine arts building.”
Hendricks Commercial Properties has grown its extensive portfolio of Delafield properties by purchasing the 112 acres owned by St. John’s Northwestern Academies for $7.78 million, online property records show.
According to Rob Gerbitz, the president and CEO at Hendricks, the move will allow the company to expand its footprint in and around downtown Delafield.
“Hendricks Commercial Properties will maintain ownership of the campus and lease it back to St. John’s,” Gerbitz said in a statement. “In the next year, the company will start working on comprehensive plans to develop ancillary land surrounding the Academy. This is an exciting opportunity not just for HCP, but for the Academy, the city and the community as a whole.”
Outside of the main campus and athletic fields, Hendricks has the ability to pull land out of the lease for development.
The transaction resulted in the complete payoff of debt owed by the
Academies and yielded $2 million of additional funding to support academy operations, SJNA said in a statement.
Under the terms of the lease, St. John’s Northwestern, which was established in 1884 and is located at 1101 N. Genesee St., will be able to maintain control of the main campus for 40 years, including a 10-year initial lease term plus six five-year options, according to Stephen Matz, the dean of advancement at SJNA. St. John’s Northwestern “will have the right to buy back the main campus during that time at a favorable price compared to fair market value, at the Academies’ option,” Matz added.
Matz said the intention of both
Stephen Matz Dean of advancement at SJNA
SJNA and Hendricks is to have St. John’s Northwestern “thrive and be here forever.”
The academy will continue to be responsible for maintenance of the property, as well as real estate taxes.
“There is a special provision within the agreement that allows for the development of a fine arts building,” Matz said. “As enrollment and financial capacity increases, more and more will be possible to enhance the infrastructure.”
RoseAnn Haedt, the director of public relations at Hendricks, said a fine arts building would be part of planning for the future of the south side of the property.
“But it would need to be funded or developed by another party,” Haedt said. “We will not be building a fine arts center on behalf of (Hendricks).”
Hendricks will work on a comprehensive plan for the open lands to the south and north of the campus and the nine-hole golf course, but that planning will not begin for at least a year or perhaps longer, according to Haedt.
“The goal is to put together a plan to complement the surrounding neighborhoods and businesses, creating homes, green spaces and connections to downtown, the river frontage and parks,” Haedt said.
According to available property records, Hendricks owns 19 Delafield properties. In May 2020, the city of Delafield approved two four-story mixed-use commercial buildings at 705 Genesee St., which is owned by Hendricks Commercial Properties.