Brauvin Net Lease, LLC and Brauvin Net Capital, LLC have acquired eleven corporately operated Steak n Shake restaurants for $16.160 million through a sale/leaseback transaction, and an option to acquire an additional location.  The Steak n Shake Company operates approximately 435 restaurants nationwide and generated fiscal 2007 sales of $654 million.  The Steak n Shake Company is based in Indianapolis, Indiana and is publicly traded (NYSE: SNS). 

“Steak n Shake is an iconic brand in the U.S. restaurant business. We are very pleased to renew and expand our relationship with Steak n Shake” said James L. Brault, President of Brauvin.

The eleven unit portfolio consists of three assets in Illinois (Morton, Peoria and Glenview), three in Indiana (Brownsburg. Indianapolis and South Bend), two in Georgia (Acworth and Lithonia), one in Florida (Tampa), one in Ohio (Cincinnati) and one in Pennsylvania (Pittsburgh).  Each of the properties is well located and is adjacent to a primary retail draw. The buildings contain a total of 45,915 square feet located on land parcels totaling 610,178 square feet.

Concurrent with Brauvin’s acquisition of the portfolio, new eighteen year leases were executed with the Steak n Shake. The leases are absolute triple net to the tenant; and Brauvin has no operating or repair/replacement obligations.