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San Diego County Regional Airport Authority Acquires WallyPark Garage For $36.5M
SOLD
$36,500,000
California
See Similar DealsParking Lot
Sold 09/10/2025
SOLD
San Diego County Regional Airport Authority Acquires WallyPark Garage For $36.5M
3298 Kettner Boulevard & 1646 Sassafras Street
See Similar DealsParking Lot
Sold 09/10/2025
Summary
CALIFORNIA
Asset Type:Parking Lot
Transaction Type:Sale
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.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,946,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$129,676.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$173,028.62
Annual Debt Service$2,076,343.46
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