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2700 Mitchell Dr Walnut Cre...

SecureSpace Self Storage Acquires 7.8-Acre Site In Walnut Creek For $14.3M
SOLDIndustrial

SecureSpace Self Storage Acquires 7.8-Acre Site In Walnut Creek For $14.3M

2700 Mitchell Dr Walnut Creek, CA 94598, USA

$14,300,000

$158/SF

Building Size

90,000 SF

Asset Type

Industrial

Closing

Jul 21, 2023

AI

SecureSpace Self Storage has recently acquired a 7.8-acre site located at 2700 Mitchell Drive in Walnut Creek, CA. The property was purchased for a total amount of $14.3 million. This transaction presents an opportunity for SecureSpace Self Storage to develop a mixed-use facility consisting of a Calicraft Brewing microbrewery with indoor and outdoor seating, as well as a sizeable self-storage center spanning 155,600 square feet. The demand for self-storage solutions in the area played a significant role in this investment decision.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $14,300,000
  • Address: 2700 Mitchell Drive, Walnut Creek, CA
  • Market: Walnut Creek
  • Acres: 7.8

Nathan McElmurry, the representative of SecureSpace Self Storage, played a pivotal role in finalizing the acquisition. With this strategic investment, SecureSpace aims to cater to the growing demand for both brewing and storage needs in the Walnut Creek area. The inclusion of a microbrewery within the development further enhances the appeal of the project, offering a unique experience for visitors.

Players

Nathan McElmurry

SecureSpace

Buyer

$191M

vol

3 deals

Buyer

Los Angeles Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.11%

Cash-on-Cash

-0.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93