{"id":1004127749,"date":"2015-09-18T07:32:28","date_gmt":"2015-09-18T15:32:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=361242"},"modified":"2020-04-01T05:14:41","modified_gmt":"2020-04-01T13:14:41","slug":"cintas-slims-down-diamond-bulks-up","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cintas-slims-down-diamond-bulks-up\/","title":{"rendered":"Cintas Slims Down, Diamond Bulks Up"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<div id=\"attachment_361243\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Document-Storage-Portfolio.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-361243\" title=\"Cintas Document Storage Portfolio\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Document-Storage-Portfolio.jpg\" alt=\"Cintas Document Storage Portfolio\" width=\"300\" height=\"181\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Cintas Document Storage Portfolio<\/p>\n<\/div>\n<p style=\"text-align: justify;\">A Cincinnati-based company is trimming its Ohio portfolio. <a href=\"https:\/\/www.cintas.com\/\" target=\"_blank\" rel=\"nofollow\">Cintas Corp.<\/a> sold five industrial buildings in Cincinnati, Cleveland and Columbus for $26.5 million to Mount Kisco, N.Y.-based <a href=\"https:\/\/www.diamondproperties.com\/\" target=\"_blank\" rel=\"nofollow\">Diamond Properties<\/a>.<\/p>\n<p style=\"text-align: justify;\">The 569,225-square-foot portfolio was fully leased at the time of the sale. It includes the building at 690 Crescentville Road in West Chester Township, which, according to the <a href=\"https:\/\/www.bizjournals.com\/cincinnati\/news\/2015\/09\/17\/cintas-sells-5building-portfolio-for-26-5-million.html?iana=ind_cre\" target=\"_blank\" rel=\"nofollow\">Cincinnati Business Courier<\/a><a href=\"https:\/\/www.bizjournals.com\/cincinnati\/news\/2015\/09\/17\/cintas-sells-5building-portfolio-for-26-5-million.html?iana=ind_cre\" target=\"_blank\" rel=\"nofollow\">,<\/a> traded for $10.3 million. Also included in the deal were facilities at 2500 Charter St. in Columbus, 2612 Walcutt Road in Hilliard and two buildings at One Andrews Circle in Brecksville.<\/p>\n<p style=\"text-align: justify;\">The five properties were previously occupied by Cintas, which sold its document storage and imaging business last November to Access, the records management company.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cbre.com\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a>\u2019s Investment Properties team and CBRE\u2019s Global Workplace Solutions team worked together as advisors on the transaction and sourced the buyer. In addition, CBRE\u2019s Midwest Debt and Structured Finance team secured financing on behalf of Diamond Properties.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite the fact that the portfolio consisted of buildings that are special purpose in nature, the offering attracted multiple bidders ranging from private investors to institutional capital sources,\u201d said Keith Yearout of the Investment Properties Group in a statement.<\/p>\n<p style=\"text-align: justify;\">Securing financing was no easy task. According to CBRE, the biggest challenge was the fact that a privately held, non-credit tenant occupies 93 percent of the leased space on a seven-year term. Dan Gable and Jason Brown of the Debt and Structured Finance team marketed the debt to various life insurance companies, banks and CMBS lenders.<\/p>\n<p style=\"text-align: justify;\">\u201cCBRE worked alongside Diamond Properties and Natixis to arrange a 10-year fixed rate loan,\u201d Gable explained. \u201cUltimately, Natixis was comfortable with the relationship with the sponsor, diversification of locations and quality of the real estate, as all five buildings are located in industrial parks with easy highway access and superior clear heights.\u201d<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Cincinnati company has recently sold not one but five of its properties in the Buckeye State.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21742],"tags":[682],"class_list":["post-1004127749","post","type-post","status-publish","format-standard","hentry","category-cincinnati","category-latest","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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