Mid-Coast Properties Acquires 2-Facility Halls Self Storage Portfolio in Maine

Mid-Coast Properties LLC recently acquired the two-property Hall’s Self Storage portfolio in Maine for $4.8 million. The facilities at 132 Portland St. in Gray and 41 Main St. in New Gloucester comprise 91,344 square feet in 501 units and 21 commercial/contractor spaces ranging from 100 to 2,400 square feet, according to the source. The company purchased the assets from K&S Properties.

Mid-Coast Properties LLC recently acquired the two-property Hall’s Self Storage portfolio in Maine for $4.8 million. The facilities at 132 Portland St. in Gray and 41 Main St. in New Gloucester comprise 91,344 square feet in 501 units and 21 commercial/contractor spaces ranging from 100 to 2,400 square feet, according to the source. The company purchased the assets from K&S Properties.

The properties feature boat/RV storage, climate/humidity control, and an office/warehouse. Security features include motion-activated lights and video cameras. An automotive shop called European Motors leases space at the New Gloucester property and will remain onsite, the source reported.

Hall’s was launched in 1988. K&S is owned by Maine residents and had been in the self-storage business for 20 years, the source reported. It was represented in the transaction by SVN/The Urbanek Group, based in Portland, Maine.

"The self-storage market is hot in the Northeast and cap rates have remained compressed," Cam Woodford, a broker with SVN, told the source. "The industry is incredibly fragmented and ripe for consolidation."

Mid-Coast was represented in the deal by Nancy Carleton of William Raveis Carleton Real Estate. It operates several self-storage facilities, including some in Maine, according to the source.

Sources:

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