Photo / Courtesy CORE
The Herget Group, a Portsmouth, N.H., investment management firm bought a bought a 31,400 -square-foot facility in Chelsea that has room for expansion.
Updated: March 10, 2025
Despite shifting landscape, Maine's self-storage market remains strong
Photo / Courtesy CORE
A local buyer bought an 18,542-square-foot self-storage facility in Newcastle.
The sale of four self-storage facilities in recent months involved four different sellers and three different buyers and illustrates the strength of that sector, according to one broker.
The self-storage sector has seen “a healthy volume of transactions in comparison to an otherwise slower investment market in Maine,” said CORE broker Ben Spencer, who has been an active dealmaker in the self-storage market.
Chelsea property
In the Kennebec County town of Chelsea, Herget Group LLC bought a 31,400 -square-foot facility at 103 River Road from Capitol Area Self Storage LLC for $2.95 million. Spencer represented Herget and Nick Lucas of the Boulos Co. represented the seller. The Chelsea facility is in good condition and has room for expansion, said Spencer.
New Gloucester
In the Cumberland County town of New Gloucester, the Herget Group, doing business as New Gloucester Self Storage LLC, bought a 9,400-square-foot facility at 165 Sabbathday Road from Snow Enterprises LLC for $662,500. Spencer represented Herget and James Benoit of Benchmark Real Estate represented the seller. The seller is a family partnership that owned it as their only commercial property, said Spencer. There’s room for upgrades and expansion, he added.
Topsham
In the Sagadahoc County town of Topsham, 11 Compass Lane LLC bought a 16,400-square-foot facility at 11 Compass Lane from Topsham Self Storage LLC for $1.645 million. Spencer was the only broker involved. The facility is new and the seller was looking to move on to other endeavors, he said. The buyer is local and also owns a climate-controlled storage facility in Bath. The two facilities are now called Spaceman Self Storage.
“That is one of the nicer facilities around, very clean, new pavement, new buildings, new lights,” said Spencer.
Photo / Courtesy CORE
A new 16,400-square-foot facility in Topsham sold to a local buyer who has another storage facility in Bath.
Newcastle
In the Lincoln County town of Newcastle, Newcastle Storage LLC bought an 18,542-square-foot facility at 557 U.S. Route 1 from the Estate of Mildred Welch for $1 million. Spencer was the only broker involved.
The Newcastle facility was inherited and the seller was looking to move on to other endeavors, said Spencer. The buyer is local and owns another facility in Windham called JMC Storage.
“That was sold to a local operator who was willing to add value,” said Spencer.
Cold calls
In total, Spencer has been involved in the sale of over 200,000 square feet of self-storage facilities across Maine. One of his clients is the Herget Group, a Portsmouth, N.H., investment management firm. One of the group’s focus areas is self-storage.
In 2022, Spencer brokered the Herget Group’s purchase of four storage facilities — in Skowhegan, Winthrop, West Gardiner and Farmingdale — totaling 78,000 square feet for a total cost of $6,332,500 in off-market deals.
Spencer identified the facilities in a series of cold calls.
In 2023, he brokered Herget Group’s purchase of a Manchester storage facility for $1.4 million.
Shifting landscape
Maine has over 211 self-storage facilities, offering more than 3.8 million square feet of storage space, Spencer wrote in a review of the 2024 self-storage market.
The market experienced a surge in value since the pandemic, fueled by robust investor interest from local and national players.
But the landscape shifted in 2024, he said.
“Rising interest rates, coupled with inflationary pressures and a more cautious consumer, have exerted downward pressure on rental rates and occupancy levels,” he said.
Despite the headwinds, new-supply development was strong, particularly in rural areas where zoning requirements are less stringent.
“This influx of new supply has created increased competition and introduced challenges for those seeking to acquire or sell existing facilities,” he said.
In general, he said, potential buyers are looking for passive income and well-run, software-driven facilities with features such as secure gate entry and climate-control. Others see an opportunity for adding value to older facilities.
Spencer said he frequently networks with self-storage owners and investors to identify potential matches.
“It’s a lot of figuring out if someone’s ready to sell or interested in knowing what’s out there — matching the right seller with the right buyer,” he said.
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