Updated Sep 16, 2025
San Diego County Regional Airport Authority Acquires WallyPark Garage For $36.5M
3298 Kettner Boulevard & 1646 Sassafras Street
$36,500,000
Building Size
—
Asset Type
Parking Lot
Closing
Sep 10, 2025
About this deal
AI
The property asset involved in this transaction is a parking/garage facility located at 3298 Kettner Boulevard & 1619-1646 Sassafras Street in the San Diego market. The transaction was completed at a price of $36,500,000 for a 1.88-acre site that features a 997-stall garage along with an adjacent lot, representing a significant development in structured parking for the area.
Summary of transaction details:
- Property Type: Parking/Garage
- Transaction Amount: $36,500,000
- Acres: 1.88
- Buyer: San Diego County Regional Airport Authority
- Seller: LR San Diego WallyPark LLC
- Brokers: Kevin Nolen & Jason Kimmel - CBRE
This transaction marks the first major structured parking sale in over a decade in the region, focusing on expanding employee parking for the San Diego County Regional Airport Authority. The deal was brokered by Kevin Nolen and Jason Kimmel from CBRE.
On the Map
$36,500,000
Parking Lot
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Players
San Diego Parking Lot Market Snapshot
Boundary boundary · Parking Lot · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93