{"id":1004151054,"date":"2016-08-26T08:34:01","date_gmt":"2016-08-26T16:34:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151054"},"modified":"2021-05-14T21:17:10","modified_gmt":"2021-05-15T05:17:10","slug":"phoenix-asset-sells-for-record-breaking-price","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-asset-sells-for-record-breaking-price\/","title":{"rendered":"Phoenix Asset Sells for Record Price"},"content":{"rendered":"<p><em>By Adriana Pop<\/em><\/p>\n<p><strong>Phoenix<\/strong>\u2014<a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Marcus &amp; Millichap<\/a> has facilitated the sale of 7th Street and Dunlap Self Storage, a five-story, 706-unit, 69,910-net-rentable-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/self-storage\/\" target=\"_blank\" rel=\"noopener\">storage facility<\/a> in Phoenix. Terms of the transaction were not disclosed, but the asset reportedly fetched a record-breaking price within the market.<\/p>\n<div id=\"attachment_1004151055\" style=\"width: 289px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004151055\" data-attachment-id=\"1004151055\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-asset-sells-for-record-breaking-price\/7th-street-and-dunlap-self-storage\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png\" data-orig-size=\"833,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"7th Street and Dunlap Self Storage\" data-image-description=\"&lt;p&gt;7th Street and Dunlap Self Storage&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;7th Street and Dunlap Self Storage Sells for Record-Breaking Price&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png?w=833\" loading=\"lazy\" class=\"wp-image-1004151055\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png\" alt=\"7th Street and Dunlap Self Storage\" width=\"279\" height=\"201\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png 833w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png?resize=300,216 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/7th-Street-and-Dunlap-Self-Storage.png?resize=768,553 768w\" sizes=\"auto, (max-width: 279px) 100vw, 279px\" \/><\/a><p id=\"caption-attachment-1004151055\" class=\"wp-caption-text\">7th Street and Dunlap Self Storage<\/p><\/div>\n<p>\u201cThe property, which has high physical and economic occupancies and an excellent cash flow, was reportedly sold for the highest price per square foot ever achieved by a self-storage asset in Phoenix,\u201d Michael Mele, senior director of <a href=\"https:\/\/www.melestoragegroup.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Marcus &amp; Millichap\u2019s National Self-Storage Group<\/a> (NSSG), said in prepared remarks.<\/p>\n<p>Built in 2007, the class A facility at 533 East Dunlap Ave., is situated in Sunnyslope, one of Phoenix\u2019s most well-established and socio-economically diverse neighborhoods. The population within a five-mile radius totals 345,540 residents. There are also 12 shopping centers nearby, including the 61-store enclosed <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenixs-oldest-shopping-mall-changes-hands-for-115m\/\" target=\"_blank\" rel=\"noopener\">Christown Spectrum Mall<\/a>. Interstate 17 and the Piestewa Freeway (Arizona State Route 51) are three miles away.<\/p>\n<p>Mele, Sean Delaney, also a senior director of the NSSG, and Devin Beasley, associate, represented the seller and procured the buyer. Donald Morrow, regional manager of Marcus &amp; Millichap\u2019s Phoenix office, is the firm\u2019s broker of record in Arizona.<\/p>\n<p>\u201cAfter a comprehensive marketing campaign, we received numerous offers from both private and institutional capital. This was a fantastic opportunity to acquire a pristine, Class A facility in a top-20 MSA that was locally owned and operated,\u201d added Delaney. \u201cDespite paying a record price per square foot, the buyer is inheriting a property that produces a solid cash flow with real upside through professional on-site management, a more robust marketing platform and revenue management systems.\u201d<\/p>\n<p><em>Image courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sale of 533 East Dunlap Ave. marks the highest price per square foot ever paid for a self-storage property in Phoenix. <\/p>\n","protected":false},"author":260,"featured_media":1004151055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,1601,15],"tags":[],"class_list":["post-1004151054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-phoenix","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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