Browning Investments Inc., an Indiana-based real estate company, sold a self-storage property in Reynoldsburg, OH, to Texas-based VSI IV Reynoldsburg LLC for nearly $3.18 million or $47 per square foot ($6,437 per unit).
The complex at 7304 Tussing Road consists of five storage buildings, one office building and a mini warehouse for a rentable square footage of 67,725 square feet. Constructed in 1992, the 494 storage units are 8.3 acres.
The property is currently about 81 percent occupied. Slight deferred maintenance amounted to a small reduction to the initial asking price of $3.5 million.
David Kohn, Marc Boorstein and Jeffrey Jacobson of MJ Partners Inc. represented the seller, while there was no buyer's broker involved.
Please see CoStar COMPS #2274429 for more information on the transaction.