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.