In the third quarter of 2021, I was pleased to close on the acquisition of the Cintas Uniform Services facility located in Montgomery, NY.
This site was originally a build-to-suit for DOW Chemical in 1987, and it was ultimately re-tenanted by Cintas in 2009. This was a strategic acquisition for us because the facility is adjacent to highly trafficked Route 84, has both an office and warehouse component, and is currently a mission critical facility for Cintas, considering it services the surrounding businesses and hospitals throughout Orange County.
Our seller was the wife of the original developer. She owned the property for over twenty years, and I worked with her hand in hand through the sale process as she was more inclined to sell the asset than handle the deferred maintenance required for the building to be occupiable. We tailored our timeline to her needs as she requested a few months to assess our offer.
We carried out the breadth of the diligence from our end and dealt strictly with our seller’s lawyer through the process. The deal took six months to close as there were several title issues associated with the property.
This transaction has proven to be a rewarding purchase as we continue to hold the property in our portfolio. We look forward to purchasing more Cintas properties in the future, as we continue to be particularly bullish on the tenant and industrial assets.