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.
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