Cintas-Occupied Myrtle Beach Distribution Facility Trades for $6.5 Million

A 24,000-square-foot distribution center in Myrtle Beach, South Carolina, occupied by corporate uniform supplier Cintas, has officially sold for $6.5 million. Global real estate services firm CBRE facilitated the off-market transaction, bridging a Columbia-based developer with a private investment entity. The sale underscores a broader trend of institutional and private capital targeting newly constructed, single-tenant industrial assets in the Southeast's rapidly expanding secondary markets.

According to REBusinessOnline, the transaction involved a property located at 8388 Water Tower Road. Columbia-based Magnus Development Partners developed the facility as a build-to-suit project specifically tailored for Cincinnati-headquartered Cintas. Jangle LLC, the acquiring entity, purchased the asset for $6.5 million, translating to roughly $270 per square foot. The property is strategically positioned adjacent to the Palmetto Coast Industrial Park.

Key Details

• Sales Price: $6.5 million (~$270 per square foot)
• Property Size: 24,000 square feet
• Location: 8388 Water Tower Road, Myrtle Beach, S.C. (adjacent to Palmetto Coast Industrial Park)
• Seller: Magnus Development Partners (Columbia, S.C.)
• Buyer: Jangle LLC
• Tenant: Cintas (Build-to-suit occupant)
• Brokerage: CBRE represented both sides of the transaction. The seller was represented by Robert Hardaway, Patrick Gildea, Matt Smith, Anthony DeLorenzo, Brendan Redeyoff, and Robert Barrineau. The buyer was represented by Chris Martin, Gary Stache, and Ben Brantley.

Market Context

This $6.5 million transaction provides a clear data point for the ongoing strength of the South Carolina industrial sector, particularly in coastal submarkets like Myrtle Beach. Historically known primarily as a tourism-driven economy, the Grand Strand area is experiencing a steady diversification into logistics and advanced manufacturing.

The $270 per square foot price point achieved for a 24,000-square-foot distribution facility reflects the premium investors are willing to pay for newly constructed, credit-backed industrial space. While sub-$50,000 square foot logistics buildings were once overlooked by institutional capital, the rise of e-commerce and the need for last-mile delivery nodes have brought fierce competition to smaller infill industrial assets.

Furthermore, the involvement of a major firm like Cintas—which specializes in corporate uniforms, fire protection, and facility services—highlights how essential service providers are expanding their physical footprints to keep pace with regional population and business growth. The Myrtle Beach metropolitan area has seen consistent inward migration over the past three years, pushing local municipalities and developers to increase their industrial inventory.

For commercial real estate professionals, the deal emphasizes the viability of secondary coastal markets for build-to-suit development. Magnus Development Partners' strategy of constructing a single-tenant asset in a high-barrier-to-entry submarket and subsequently selling it to an investment group demonstrates a reliable execution model in today's interest rate environment. As long as housing and population growth remain robust in the Carolinas, demand for localized distribution centers servicing essential businesses will likely remain equally strong.