Self-storage operator PhilMor Real Estate Investments LLC has purchased two Connecticut self-storage facilities and will operate them under its Casey Storage Solutions brand name. The acquisitions are the company’s first in Connecticut and expand its storage-property portfolio to 11 locations in four Northeast states.
The property at 10 Hillside Road in Cromwell, Conn., previously operated as AAA Self Storage. The facility at 785 Sherman Ave. in Hamden, Conn., operated as Lock Tight Self Storage.
"We are very excited to add these Connecticut self-storage properties to our portfolio,” said Morgan Hanlon, co-founder and co-managing member. “These additions are very complimentary to our growing New England self-storage portfolio, and can help us leverage our multi-family acquisitions in these markets."
Both facilities will offer U-Haul truck and trailer rentals as well as a variety of moving equipment and supplies.
Eastern Bank of Boston provided debt financing for the Cromwell transaction, and PeoplesBank of Holyoke, Mass., provided financing for the Hamden acquisition.
Casey Storage Solutions operates 11 self-storage facilities comprising more than 610,000 square feet in more than 4,775 units. The properties are in Connecticut, Massachusetts, Rhode Island and Vermont.
PhilMor Real Estate Investments is a vertically integrated real estate investment company that develops, acquires, owns and operates commercial real estate primarily in the self-storage and multi-family sectors. Its self-storage portfolio is managed by Casey Property Management LLC.