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Wassamki Springs Campground — a 78-acre, 261-site property at 56 Saco St. in Scarborough — found a new owner after generations in the Hillock family.
William A. Hillock Corp. sold the campground property, established in 1968, to the out-of-state buyer, identified only as Wassamki Springs Campground LLC, for $6 million.
Joe Italiaander and Nate Roop of the Boulos Co. represented the seller in the transaction.
“As you can imagine, selling a campground has a lot of moving parts and intricacies that we couldn’t predict,” said Bonnie and Richard Hillock, the sellers.
The Hillocks credited Italiaander and Roop for their timely communications and responsiveness to issues that cropped up, providing further explanation as needed, and their knowledge of the local markets.
Targeted process
The Hillock family owned and managed the campground for multiple generations, long enough that various groups approached the family over the years hoping to buy it, according to a news release.
As the owners neared retirement, they decided the time was right to explore a sale. Rather than field those offers directly or list the property on the open market, they engaged the Boulos Co. to execute a confidential, targeted process, which ultimately brought in the out-of-state buyer.
Added complexity
Timing added a layer of complexity: the campground was fully operational through the spring and summer months while the sale came together, and keeping the process confidential meant discretion from everyone involved to ensure day-to-day operations continued without interruption.
The buyer plans to invest significant capital into renovating the property and intends to keep Wassamki Springs running as a campground for the foreseeable future.
