Midcoast Properties Inc., a commercial real estate brokerage whose owner and president, Dale Eisenman, personally invests in self storage facilities, 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."
Midcoast 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.
Based in Hilton Head Island, S.C., Midcoast focuses on real estate in the Southeast, providing services in Alabama, Georgia, and North and South Carolina. The company specializes in self storage.
Eisenman is a self storage investor and a licensed real estate broker in Georgia, North Carolina and South Carolina. He’s also a past president of the North Carolina Self Storage Association.