St. John’s Northwestern Academies and Hendricks Commercial Properties Complete Sale/Leaseback Transaction

DELAFIELD, Wis., January 11, 2021 – St. John’s Northwestern Academies (SJNA) announced that a
sale/leaseback transaction with Hendricks Commercial Properties (HCP) has been completed on the
Academies’ existing 112-acre campus. The transaction resulted in the complete payoff of debt owed by the
Academies and yielded approximately $2 million of additional funding to support Academy operations.
Under the terms of the lease, the Academies will be able to maintain control of the main campus as it
presently exists for 40 years, including a 10 year initial lease term plus six 5 year options, and will have the
right to buy back the main campus during that time.

“St. John’s Northwestern is excited to partner with a well-established leader in commercial property
development like Hendricks Commercial Properties. This opportunity will allow St. John’s Northwestern
to strengthen its financial position and improve our infrastructure, while focusing on our primary mission
of educating future leaders,” said Mike Henn, Chair of the Board of Trustees. “This is a purely financial
transaction that will enable the Academies to conduct operations going forward, just as we have in the past,
with the added plus of eliminating all of our debt.”

This announcement comes within one year of two major advancements for SJNA; the founding of a new
Leadership Academy which commenced in the fall of 2020, and the appointment of a new President, Paul
Edwin Lima, Major General, U.S. Army (Retired), who began his tenure on November 11, 2020.

“Adding St. John’s Northwestern Academies to our portfolio will allow Hendricks Commercial Properties
to expand its footprint in and around downtown Delafield. Hendricks Commercial Properties will maintain
ownership of the campus and lease it back to SJNA. In the next year, the company will start working on
comprehensive plans to develop ancillary land not needed for Academy operations. This is an exciting
opportunity not just for HCP, but the Academies, the city and the community as a whole,” said Rob Gerbitz,
President/CEO at Hendricks Commercial Properties.

Founded in 1884, St. John’s Northwestern Academies develops young men and women inspired to become
responsible citizens and moral and ethical leaders for the global community. For more information, visit

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Stephen Matz
Dean of Advancement
Office: (262) 646-7184