Leeds West Groups (LWG) has entered into a long-term agreement with SJD Realty Inc (SJD) to purchase ownership interest into their 17 Midas properties held in five states — Iowa, Illinois, Kansas, Missouri and Oklahoma.
SJD was established in 1957, and is principal owned by Steven Altheimer, the former owner and son of the founder of ASE. ASE is now a division of Leeds West Groups that was purchased in 2017 from the ASE ESOP Board of Directors following their purchase of the business from Altheimer in 2001.
This deal secures the real estate of all 17 properties under the LWG umbrella in long-term leases with acquisitions of all properties spread throughout the life of each lease. The deal goes into effect on Dec. 1, 2020, with the first acquisition of the 17 parcels of real estate completed by Dec. 31, 2020.
“I am proud to announce the long-term security of a large portion of the ASE Midas store real estate portfolio under LWG ownership now for many years to come," says Judd Shader, CEO of Leeds West Groups. "This continues to show our long-term investment commitment into the ASE team for the future. The opportunity to secure over 1/3 of the ASE division real estate in one transaction, is a big win for all parties involved. I would like to thank Steve and his family in their invaluable contribution to the founding continued success of ASE.”
This acquisition now solidifies LWG’s real estate ownership control for over 50% of the ASE Division real estate, and marks LWG’s 34th purchase of real estate in their automotive division within the last 24 months.
The purchase prices and deal terms were not disclosed.
