INVESTMENT OFFERING

SAB Capital, on behalf of ownership, is pleased to exclusively offer the fee simple interest in a mission-critical, single-tenant industrial facility leased to Cintas Uniform Services, located at 138 Bracken Road in Montgomery, New York.

The ±12,928 square foot facility is situated on approximately 2.09 acres within an established industrial corridor in the Hudson Valley region. The building features a functional layout consisting of approximately 10,428 SF of warehouse space and 2,500 SF of office space, well configured to support route-based logistics and service operations.

The property is 100% leased to Cintas Uniform Services under a NN+ lease structure, with landlord responsibility limited to roof and structural components. The lease commenced on July 1, 2009 and currently expires on June 30, 2033, providing over seven years of remaining term with 2.5% annual rent escalations. Notably, upon completion of a major parking lot replacement and expansion, Cintas executed an eight-year lease extension, a meaningful indicator of long-term commitment, as the company historically executes shorter 3- to 5-year renewal terms.

Cintas has made substantial capital investments at the property in recent years, including roof work completed in 2024, full HVAC replacement in 2024, a parking lot replacement and expansion totaling approximately $300,000, and ongoing interior improvements. This level of reinvestment significantly reduces near-term capital exposure for ownership and reinforces the operational importance of the facility within Cintas’ regional network.

The Montgomery location functions as a route-based service hub, supporting approximately 24 active service routes throughout the Hudson Valley. The facility services a broad regional footprint including Kingston, Middletown, Monroe, Montgomery, Newburgh, Peekskill, Poughkeepsie, Nanuet, New Windsor, and surrounding communities.

Strategically positioned with convenient access to Interstate 84 and Interstate 87, the property benefits from strong connectivity to New York City and the broader Northeast corridor, supporting efficient logistics and workforce access.

The offering provides investors with durable, investment-grade cash flow backed by Cintas Corporation (NASDAQ: CTAS), which maintains credit ratings of A- (S&P) and A3 (Moody’s), combined with long-term embedded rental growth and a well-maintained industrial real estate asset supported by meaningful tenant capital investment.

• NN+ Lease with Recent Capital Improvements | The property is leased to Cintas Uniform Services under a NN+ lease structure, offering a low-touch ownership profile and highly predictable cash flow. Landlord responsibility is limited to roof and structural components, both of which have benefited from recent capital investment.
• Investment-Grade Credit Tenant | Cintas Corporation maintains investment-grade credit ratings of A- (S&P) and A3 (Moody’s), providing durable income backed by a nationally recognized, publicly traded market leader in uniform rental and facility services.
• Strong Remaining Term with Embedded Rent Growth | The lease features 7+ years of remaining term through June 30, 2033, with 2.5% annual rent escalations, delivering built-in NOI growth and meaningful inflation protection throughout the hold period.
• Demonstrated Long-Term Tenant Commitment | Upon completion of a major parking lot replacement and expansion, Cintas executed a seven-year lease extension, a notable commitment given the company’s historical preference for shorter 3- to 5-year renewal terms.
• Mission-Critical Operating Facility | The property functions as a route-based service hub supporting approximately 24 active routes throughout the Hudson Valley. High route density, localized logistics, and customer switching friction reinforce long-term tenant retention and renewal probability.
• Recent Tenant Reinvestment | Cintas has made significant capital investments at the property, including roof work completed in 2024, full HVAC replacement in 2024, a parking lot replacement and expansion totaling approximately $300,000, and ongoing interior improvements, materially reducing near-term capital risk.
• Efficient, Purpose-Built Industrial Site | The ±12,928 SF facility sits on 2.09 acres with fee-simple ownership, full site control, and an efficient 80% warehouse / 20% office configuration. The property includes 47 parking spaces (3.64 per 1,000 SF), well suited for fleet-based operations.
• Strategic Hudson Valley Logistics Location | Located within an established industrial corridor in Montgomery, NY, the property benefits from proximity to Interstate 84 and Interstate 87, providing direct access to regional and NYC-oriented distribution routes critical to Cintas’ service model.
• Attractive Labor & Demographic Profile | The surrounding trade area features 63,000+ residents within a 7-mile radius, with median household income exceeding $109,000 and strong employment levels, supporting a stable and sustainable labor pool.