Cintas Industrial Building
Investment Grade Credit (S&P: A-)
Marketing description
SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest in a triple-net leased Cintas facility in Lubbock, Texas. The tenant, Cintas Corporation No. 2, recently executed a new 7-year lease with two (2) additional 5-year renewal options, demonstrating long-term commitment to the site. The lease includes scheduled rent increases of $0.44 PSF in the first option period and $0.24 PSF in the second, providing built-in income growth and protection against inflation. The tenant relocated to this site to accommodate a larger footprint, consolidating operations from its prior Slaton Road location, further reinforcing the importance of the asset. Under the NNN lease structure, the tenant is responsible for real estate taxes, insurance, and most maintenance, leaving minimal landlord obligations, ideal for an investor seeking stable, low-management income.
Investment highlights
- 23,305 SF building on 3.46 acres secured by a newly executed 7-year corporate lease
- Cintas is a publicly traded company with a market cap over $70 billion (NASDAQ: CTAS) | S&P Global Rating: A-, Moody’s Rating: A3
- 2 (5-year) renewal options, with scheduled rent increases of $0.44 PSF and $0.24 PSF in the first and second option periods
- Operating over 400 facilities nationwide, many Cintas sites serve as mission-critical logistics hubs supporting route-based service models vital to daily operations
- Strategically positioned near the intersection of N. University Avenue (5,600 VPD) and N. Loop 289 (19,900 VPD) | A key circulation route around Lubbock, with regional connectivity through its intersection with Interstate 27 (29,600 VPD)
- Low rent of $7.70/SF and price per square foot of $129/SF
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