StorageMAX Building Sold For $1.7M
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Casey Storage Solutions has purchased the StorageMAX Self Storage Building on McKeon Road in Worcester, which can be seen from I-290.
The owner of Auburn-based Casey Storage Solutions has expanded his company to a ninth location, purchasing StorageMAX Self Storage on McKeon Road in Worcester for $1.7 million.
Morgan Hanlon, whose self-storage locations are in Massachusetts, Vermont and Rhode Island, bought the 76,500-square-foot, four-story building Dec. 28.
"The property was just a really good fit for us," said Hanlon, whose mother opened the original Casey Storage site in Auburn in the 1980s. He said the company is always looking to expand but that "the opportunities to buy self-storage companies are few and far between."
Hanlon purchased the property from Joyce Haseotes, whose family owned three self-storage locations and decided to get out of the business, Hanlon said. He said the change in ownership will be seamless to existing customers, and most changes to the building will be cosmetic, such as branding the building with Casey Storage signage, applying fresh paint in some areas and renovating the front office. Hanlon said the building, built in 1900, was completely renovated around 2000. Two new employees have also been hired.
All Casey Storage locations are also U-Haul truck dealers and Hanlon said he plans for the Worcester location to offer the rentals as well, adding that a lot of self-storage customers also need truck rentals.
He said some customers using the Auburn location drive right by the Worcester site, but that most don't want to drive more than three to five miles to get to their storage facility. So, he's expecting the purchase of 19 McKeon Rd. to give his company a customer base that it wasn't serving of much before. Casey's other Central Massachusetts facilities are in Webster and Sturbridge.
The 467-unit Worcester facility – whose units range from 25 square feet to 400 square feet – differs from Casey's other sites in that storage is vertical, meaning that because there are multiple stories, customers on the upper floors can't drive up to their storage units. Instead, they can ride one of two elevators with their belongings. Hanlon said customers typically prefer the drive-up-style, but the cost of land in urban areas is high enough that it's worth it for self-storage owners to buy smaller plots of land and build up.
"This business in Worcester wouldn't thrive if people wouldn't say, 'I'm willing to go vertical,'" he said.
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