Press Releases
Marcus & Millichap Arranges Sale of Fully Entitled Self-Storage Development Site in Wells, Maine
June 26, 2025
WELLS, Maine, June 26, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an entitled self-storage development site at 71 Spencer Drive in Wells, Maine.
“I am very excited to have sold this fully entitled development site in the affluent and growing resort town of Wells,” said Nathan Coe, senior managing director. “The site is approved for almost 70,000 net rentable square feet of self-storage and has excellent street frontage.
Nathan Coe, Gabriel Coe, Brett Hatcher and Luke Dawley, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, Patco Construction, a local real estate, self-storage and construction company. The team also procured the buyer, Brady Sullivan and True Storage, a Manchester, New Hampshire-based self-storage developer and owner-operator. Thomas Shihadeh is the firm’s broker of record for Maine.
“We are thrilled to add this ground up development to our portfolio,” said Ben Kfoury, investment research analyst from True Storage. “It will be our 3rd self-storage development in Maine. We are excited about the economics and growth of costal southern Maine and look forward to breaking ground on this site. The Hatcher Coe group made this transaction quick and seamless.”
“I am very excited to have sold this fully entitled development site in the affluent and growing resort town of Wells,” said Nathan Coe, senior managing director. “The site is approved for almost 70,000 net rentable square feet of self-storage and has excellent street frontage.
Nathan Coe, Gabriel Coe, Brett Hatcher and Luke Dawley, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, Patco Construction, a local real estate, self-storage and construction company. The team also procured the buyer, Brady Sullivan and True Storage, a Manchester, New Hampshire-based self-storage developer and owner-operator. Thomas Shihadeh is the firm’s broker of record for Maine.
“We are thrilled to add this ground up development to our portfolio,” said Ben Kfoury, investment research analyst from True Storage. “It will be our 3rd self-storage development in Maine. We are excited about the economics and growth of costal southern Maine and look forward to breaking ground on this site. The Hatcher Coe group made this transaction quick and seamless.”
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
