SAN ANTONIO — K1 Speed has leased 42,217 square feet of space at 6955 N.W. Loop in San Antonio to operate an indoor go-kart racing facility. K1 has 17 locations nationwide, including around Houston and Austin. The new San Antonio location is slated to open in July. Keith McRee of SRS Real Estate Partners represented the landlord in the lease deal. Jim Stoltz represented K1.
DALLAS — Prescott Realty Group has kicked off the development of an unnamed $45 million multifamily development in Dallas. Prescott has begun the abatement process of the existing White Rock Trail and Toscana apartment communities, which will be followed by demolition. The new Class A, 362-unit apartment community will incorporate a proposed public hike and bike trail connection to the upcoming Lake Highlands Trail and the existing White Rock Creek Trail. The new community is slated to open in late summer 2014.
SPRING, TEXAS — Hunington Properties has arranged the sale of Woodlands Gateway Plaza, a 50,000-square-foot retail center located at the northeast intersection of Interstate 45 and Rayford Road in Spring. The property is 82 percent occupied by a mix of local and national tenants including Popeye's Chicken & Biscuits, Crabby Daddy's Seafood and the Woodlands Fish Market. Todd Carlson of Hunington represented the seller, an out-of-state investor who purchased the center in 2002. The buyer, a local investor, purchased the property in an all-cash transaction.
HOUSTON — HFF has secured $39.1 million in acquisition financing for North Oaks Shopping Center, a 448,760-square-foot power center in northwest Houston. The shopping center is located at 4501 FM 1960 and is 93.7 percent leased to Hobby Lobby, Ross Dress for Less, TJ Maxx, Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree. Tyler Ford and Christopher Vittetoe of HFF arranged a $34.5 million, 10-year senior loan at a fixed rate through Deutsche Bank on behalf of the borrower, Austin-based World Class Capital Group LLC. HFF also placed a $4.6 million mezzanine loan through SteepRock Capital.
CUERO, TEXAS — Aries Capital has arranged $4.7 million in construction financing for a new 77-room Holiday Inn Express coming to Cuero in the Eagle Ford Shale area. Leonard Smith of Aries Capital arranged the loan with an 18-month, fixed-rate term of 6 percent. Smith arranged the loan through an SBA 504 loan provider and the Community Development Council.
DALLAS AND GAITHERSBURG, MD. — KBS Real Estate Investment Trust III has closed on a $269 million purchase of three office properties: Preston Commons and Sterling Plaza in Dallas, and One Washingtonian in Gaithersburg. The purchase is KBS REIT III’s largest transaction to date. Preston Commons is a three-building, Class A complex with 427,799 square feet of rentable space covering 6.33 acres. Sterling Plaza is a Class A, LEED Silver-certified property with 313,609 square feet of rentable space. Preston Commons and Sterling Plaza are both currently 86 percent occupied and located in Dallas’ Preston Center neighborhood. One Washingtonian is a Class A, LEED Platinum-certified tower with 321,007 square feet of rentable space. The property is currently 94.9 percent occupied and is located on the west side of Interstate-270 in Gaithersburg. The complex is part of Washingtonian Center, a 212-unit mixed-use project that includes restaurants, shops, hotels and offices. CBRE’s Russel Ingrum led the portfolio sale with local assistance in Dallas by Gary Carr and in Maryland by Bill Kaye and Ryan Clutter, all with CBRE. KBS REIT III purchased the properties from affiliates of CBRE Global Investors.
LIBERTY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Liberty Crossing Shopping Center, a 10,276-square-foot retail property located at 2121 Highway 146 Bypass in Liberty. Philip Levy of Marcus & Millichap represented the buyer, a private investor, and the seller, 2121 146 Bypass LLC, in the transaction. The center is currently 88 percent occupied. Workforce Solutions occupies 68 percent of the gross leasable area, and Ice Ventures leases space in Liberty Crossing’s parking lot.
HOUSTON — NAI Houston has been selected to market an 88,705-square-foot corporate headquarters-style facility, located at 8787 Tallyho Road in Houston’s Gulf Freeway submarket. The property is comprised of three office buildings connected by interior walkways and is situated on 12-acres of land. Building amenities include a data center with back-up generators, offices, open-areas, cafeteria, boardroom, kitchen areas and an 8/1,000-square-foot parking ratio. NAI Houston’s Dan Boyles Jr. and Liz Westcott-Brown will be the leasing/sales agents for the property.
FRISCO, TEXAS — Hall Financial Group, owner and landlord of the 162-acre Hall Office Park in Frisco, has signed leases with four new companies within the complex. The Old Republic Title Insurance Group (ORTIG) has signed a new lease for 3,290 square feet at 6801 Gaylord Parkway. Jill Arias with DZT represented ORTIG in lease negotiations. Advanced Microbial Solutions LLC has signed a new lease for 3,251 square feet at 2600 Network Blvd. Rhonda Martin of The Commercial Connection represented Advanced Microbial Solutions in the lease transaction. Medical Management Professionals Inc. has signed a new lease for 1,695 square feet at 2591 Dallas Parkway. Brad Mason of Jackson Cooksey represented MMP in negotiations. Basic Contracting Services Inc. has leased office space at 2600 Network Blvd. for its corporate headquarters. Kim Butler, Tammy Nellis and Brad Gibson represented Hall Financial Group in-house in all four lease deals.
SHERMAN, TEXAS — United Commercial Realty (UCR) Dallas aided Office Depot in signing a 16,909-square-foot, build-to-suit lease at Sherman Commons, a 241,000-square-foot community shopping center located in Sherman. Dan Shoevlin and Carter Butler of UCR represented the landlord and Claudia Hutchinson and Myles Kelley of Realty Ventures represented the tenant. UCR Asset Services has begun construction on the property. The grand opening will be later this year. Other notable tenants at Sherman Oaks include Kohl’s, Academy Sports + Outdoors, Jo Ann Fabrics and Crafts and PetSmart.