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Reading Storage Expands its Real Estate Portfolio by Purchase of Motel, Commercial Spaces
Reading Storage operates more than 30 locations

August 19, 2021: Reading Storage in Reading, Pennsylvania, acquired Town Motel and adjoining commercial real estate currently consisting of a laundromat, tattoo parlor, tax preparation service and a vacant restaurant space located at 1635 Centre Ave. Ryan McFadden, co-owner and managing partner of Reading Storage has become known locally as an entrepreneur who buys and restores well-known city properties. He also owns a barber shop and salon, a daycare center, residences, and small warehouses.

Ryan McFadden toured the motel without intending to buy it but became more interested after finding it in good shape and well-run. The 16-room property located at 1635 Centre Ave. rents rooms by the week and has a resident manager. 

I just can’t sit on something and run it into the ground or watch it decay. My business partners would probably like me to not spend so much on repairs and improvements, but I just can’t see torn up sidewalks—can’t look at it. So, when we buy a property, we usually dump a bunch of money into it quickly right from the start, so it’s self-sufficient for years to come.” McFadden said.

Reading Storage founded in 2012, operates more than 30 locations comprising 750 units and vehicle-storage spaces. The company’s central office is at 500 N. 13th St.

Source: https://www.insideselfstorage.com/investing-and-real-estate/reading-pa-self-storage-owners-expand-portfolio-purchase-motel-tattoo