The Doublewood Inn, Hardee's and Tesoro off State Street have a new landlord.

Earlier this month, the Mary College Inc. Trust established by T. Clem Casey transferred its assets to the University of Mary. Now, the university will manage the property.

"Mr. Casey's objectives had been achieved," said Myron Atkinson, co-trustee of the trust.

When Casey died 38 years ago, two trusts were formed: one for capital improvement projects at the University of Mary and one for parochial schools in Bismarck. The intent was for the income on the trust to be used to pay for the projects for the first 20 years. After that, the university could call for the principal of the trust, he said.

The property is part of what was once Casey Commercial Park. The value of the assets is at $10 million, said Neal Kalberer, University of Mary vice president of public affairs.

Existing businesses have ground leases. The university will continue to receive the income from these properties. The university could choose to sell the properties, but at this time, it does not have the intention to do so, Kalberer said.

Casey was a businessman in Bismarck. He developed Arrowhead Mall, an industrial park and some housing developments. He had a ranch near Menoken. He died 38 years ago Sunday at his ranch. His wife, Meredith, lives in Sacramento, Calif.

"He was very committed to Bismarck," Atkinson said. "He told me he made his money in Bismarck and he wanted to leave it in Bismarck."

(Reach reporter Sara Kincaid at 250-8251 or sara.kincaid@;bismarcktribune.com.)