Cintas Uniform Services | Marianna, FLOffering Memorandum
DOUG ARONSONMANAGING DIRECTOR
(954) 514-9477 [email protected]
EXCLUSIVE LISTINGOffering Memorandum
Actual Site (Before 6,000sf Expansion)
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C A L K A I N .C O MC A L K A I N .C O M
Cintas Uniform Services | Marianna, FL
Cintas Uniform Services | Marianna, FLOffering Memorandum
2379 Commercial Park Dr | Marianna, FL 32446
Asking Price $1,400,000 | Cap Rate 6.78%
Net Operating Income (NOI) $94,975
Rent/Month $7,914.59
Rent/SF $6.55
Rentable Square Feet 14,500+/- SF
Land Area 2.06+/- Acres
Tenant Name Cintas
Website www.cintas.com
Credit Rating S&P: A-
Stock Symbol NASDAQ: CTAS
Guarantor Corporate
Ownership Type Fee Simple
Lease Type NN
Landlord Responsibilities Roof, Structure & Parking
Lease Term Remaining 7 Years
Rent Commencement Est. May 2017
Lease Expiration Est. May 2024
Increases 5% Every 5 Years in Options
Options Two (2), Five (5) Year
Investment Highlights • Investment grade tenant (S&P: A-)
• New 7-year lease extension
• 6,000sf expansion
• Tenant commitment to location
• Within 1.5 miles of Interstate 10 exit at FL- 71
• Florida has no state income tax
Rent Schedule
Term Increases Annual Rent Monthly Rent Rent/SFYears 1-7 - $94,975.00 $7,914.59 $6.55
Years 8-12 (Option 1) 5% $99,729.00 $8,310.75 $6.88
Years 13-17 (Option 2) 5% $104,715.48 $8,726.29 $7.22
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Financial Summary
Cintas Uniform Services | Marianna, FLOffering Memorandum
Site Photos
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Cintas Uniform Services | Marianna, FLOffering Memorandum
About Cintas Uniform ServicesHeadquartered in Cincinnati, Ohio, Cintas Corporation provides highly specialized products and services to over 900,000 customers that range from independent auto repair shops to large hotel chains.
Cintas leads the industry in supplying corporate identity uniform programs, providing entrance and logo mats, restroom supplies, promotional products, first aid, safety, fire protection products and services, and industrial carpet and tile cleaning. They operate more than 400 facilities in North America—including six manufacturing plants and eight distribution centers.
Cintas was founded by Richard T. Farmer, Chairman Emeritus. Robert J. Kohlhepp serves as Chairman of the Board, Scott D. Farmer is Chief Executive Officer and J. Phillip Holloman serves as President and Chief Operating Officer. With the guidance of this leadership team, and the diligent work of the over 30,000 employee-partners, Cintas has achieved continued success and is traded over the Nasdaq Global Select Market under the symbol CTAS, and is a component of the Standard & Poor’s 500 Index.
2015 Earnings
2015 Revenue - $4.48 Billion
2015 Net Income - $430.6 Million
2015 Earnings Per Diluted Share - $3.35
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Tenant Overview
Cintas Uniform Services | Marianna, FLOffering Memorandum
Distance To:Tallahassee 62 miles
Panama City 57 miles
Pensacola 137 miles
Jacksonville 223 miles
JacksonvilleTallahasseePensacola
Panama City
Location Overview
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Subject Site
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2379 Commercial Park Dr | Marianna, FL
Cintas Uniform Services | Marianna, FLOffering Memorandum
FL-71 7,100 VPD
10
71
90
Guy’s Gymnastics & Cheer Center
Kiddie Campus
Com
mer
ical P
ark
Dr
Inte
rsta
te 1
0 23
,500
VPD
Subject Site
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2379 Commercial Park Dr | Marianna, FL
Cintas Uniform Services | Marianna, FLOffering Memorandum
Com
mer
ical P
ark
Dr
Commerical Park Dr
71
Kiddie Campus
Guy’s Gymnastics & Cheer Center
Subject Site
FL-71 7,100 VPD
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Cintas Uniform Services | Marianna, FLOffering Memorandum
Site Plan
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Cintas Uniform Services | Marianna, FLOffering Memorandum
Marianna, FLNestled along I-10 just under the Florida-Alabama border and a brief drive west of Tallahassee, Marianna is called “The City of Southern Charm.” And even a brief stroll through its quaint, country-in-town downtown substantiates that title. Look for the triangulated courthouse park, with its gazebo, and the nearby obelisk marking the Civil War Battle of Marianna. Stop by the Russ House & Visitor Center, a Classical Revival/Queen Anne home built in the 1890s and listed on the National Register of Historic Places.
Eco-tourism is a burgeoning business in Jackson County, thanks to its abundant natural beauty, miles of spring-fed rivers, lakes and ponds, and paddling trails that draw kayak, canoe and paddle board enthusiasts to explore the Chipola River. When you visit Marianna, you also must see Florida Caverns State Park, the state’s only dry caverns along a quarter-mile trail. In addition, the largest dam in Florida backs up big Lake Seminole and gives rise to Three Rivers State Park. The Bellamy Bridge Heritage Trail leads to the oldest bridge of its type in Florida, the focal point for one of the area’s best-known ghost stories.
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Market Overview
Cintas Uniform Services | Marianna, FLOffering Memorandum
Radius 3 Miles 5 Miles 10 MilesPopulation2016 Population 3,414 12,167 21,926
2021 Population 3,382 12,011 21,727
2016 Male Population 47.8% 47.6% 50.2%
2016 Female Population 52.2% 52.4% 49.8%
2016 Median Age 42.4 41.8 41.2
Households2016 Total Households 1,424 4,823 8,157
2021 Total Households 1,404 4,740 8,046
2016 Average Household Size 2.36 2.39 2.43
Median Household Income2016 Median Household Income $40,337 $36,989 $37,803
2021 Median Household Income $45,959 $42,656 $43,412
2016-2021 Annual Rate 2.64% 2.89% 2.81%
Average Household Income2016 Average Household Income $55,759 $54,143 $53,391
2021 Average Household Income $62,368 $60,025 $59,240
2016-2021 Annual Rate 2.27% 2.08% 2.10%
Per Capita Income2016 Per Capita Income $23,285 $21,939 $20,578
2021 Per Capita Income $25,919 $24,179 $22,678
2016-2021 Annual Rate 2.17% 1.96% 1.96%
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Demographics
Cintas Uniform Services | Marianna, FLOffering Memorandum
DOUG ARONSONMANAGING DIRECTOR
(954) 514-9477 [email protected]
Who Are We? We are a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.
We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.
Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.
With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.
Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.
Client Testimonial
“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.
–Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)
$11.5 Billion in Closed Transactions
$300 Million
in Active Listings
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C A L K A I N .C O MC A L K A I N .C O M
About Calkain
DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Corporate Headquarters Washington, DC12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783
Tampa400 N. Tampa Street | Suite 2660 Tampa, FL 33602 T: (813) 282-6000 • F: (813) 282-6098
South Florida300 S. Pine Island Road | Suite 300 Fort Lauderdale, FL 33324 T: (954) 302-7365
Atlanta111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629
Boston101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584
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