Lee and Associates Closes $7.5 Million Industrial Lease Transaction in Thousand Oaks

Transaction is part of aggressive expansion plans by K1 Speed, the world's largest electric indoor kart operator
 
TORRANCE, Calif. - April 20, 2021 - PRLog -- Thousand Oaks, CAAPRIL 19, 2021--  Lee & Associates- LA North/Ventura, a leading commercial real estate brokerage firm, completed a lease for a 50,000 SF, one-story industrial building located in Thousand Oaks, California, which will be the new home for K1 Speed, the world's largest electric indoor karting operator.  Located at 770 Lawrence, Mike Tingus, President of Lee & Associates- LA North/Ventura and Grant Fulkerson, SIOR, Principal, represented the landlord BM Properties, while Lee & Associates Riverside's Rocky Moran, Vice President represented K1 Speed in the transaction, which has an aggregate value of approximately $7.5 million on a 10-year lease term.

"Given there are no other indoor racing venues currently operating nearby, this is an ideal place for K1 Speed as they continue their aggressive expansion plans throughout California and beyond.  This building was an ideal fit in every way and had the ideal form and function K1 Speed was looking for," said Rocky Moran. "With more than 50 locations already, this was a natural addition for what is now, with COVID, a pent-up demand for something fun for almost every person, from any walk of life to participate in."

K1 Speed is the industry leader in electric kart racing serving the general public and offering corporate events. This popular service will fulfill a void left by a similar use that formerly operated in the market.

"Rocky Moran of Lee & Associates helped us with one of our first 50-acre land acquisitions for our premier outdoor facility many years ago and we've grown substantially with them on our team," said David Danglard, owner of K1 Speed.  "There is no question that they understand our needs and actively search throughout the country to seek out prime locations for our brand. Given they have 50+ offices throughout the United States, it is easy to partner with them to find new locations for us."

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About Lee & Associates - LA North/Ventura, Inc.

Celebrating 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail, and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley, and throughout Ventura County. For more information, visit lee-associates.com (http://www.lee-associates.com/) or follow us on Facebook (https://www.facebook.com/LeeAssociatesCRE), LinkedIn (https://www.linkedin.com/company/lee-and-associates), and Twitter. (https://twitter.com/LeeAssociatesRE)

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