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DESOTO, TX-Dealmakers can't discuss the win, but GlobeSt.com has confirmed that Cincinnati-based Cintas Corp. has inked a 130-month lease for 350,150 sf of the 550,600-sf Crossroads Trade Center. The move-in will coincide with the $22.2-million distribution center's completion in mid-March.
Cintas has put a gag order on the deal. Ryan Keiser, first vice president for CB Richard Ellis in Dallas, was the tenant rep while the developer, Hillwood Investment Properties, had NAI Robert Lynn's executive vice president Craig Jones and president Thomas Lynn on its side of the bargaining table. With the lion's share now leased at 1221 Centre Park Blvd., Hillwood is on track to start a second spec building in 2008 for the 113-acre development, which is designed to hold 1.85 million sf in three structures.
It's uncertain if Cintas is going to hold its three locations in Dallas or roll them into the new building. Dallas County tax records show the company owns a 28,819-sf warehouse on 3.5 acres at 5280 Investment Dr. in Red Bird Industrial Park and leases an office suite at 9755 Clifford Dr. and maintains 4557 Mint Way for document management.
What has been learned, though, is Crossroads Trade Center is expected to be used for fulfillment functions as well as distribution. The company has more than 400 locations in the US and Canada, including 11 manufacturing plants and seven distribution centers. The publicly traded company designs and manufactures uniforms and corporate-branded products for roughly 800,000 businesses.
Sources say talks have been on going since midyear. The spec space was marketed for $3.25 per sf, triple net. Word on the street is Cintas' finish-out package is extensive, with the cost being closely guarded by developer and tenant alike.
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