Wassamki Springs Campground Sells for $6 Million as William A. Hillock Corp. Exits Generational Maine Asset

SCARBOROUGH, Maine — Wassamki Springs Campground, a 77.82-acre, 261-site seasonal campground at 56 Saco Street in Scarborough, Maine, has changed hands for $6 million, ending a multigenerational run of family ownership and marking one of the larger specialty outdoor-hospitality transactions in the state's recent commercial real estate market.

William A. Hillock Corp. sold the property to Wassamki Springs Campground, LLC, an out-of-state buyer, in a deal that closed in August 2026. Joe Italiaander and Nate Roop of The Boulos Company represented the seller.

A Confidential Process for a Generational Asset

The Hillock family owned and operated Wassamki Springs for multiple generations, long enough that various prospective buyers approached them directly over the years. As the owners neared retirement, they chose to explore a formal sale rather than field unsolicited offers or list the property on the open market. Instead, they engaged The Boulos Company to run a confidential, targeted process — one designed to identify qualified buyers without disrupting day-to-day campground operations.

Timing added complexity. The campground remained fully operational through the spring and summer selling season while the transaction was being assembled, requiring discretion from all parties involved to keep the process from affecting the business.

"As you can imagine selling a campground has a lot of moving parts and intricacies that we couldn't predict," said sellers Bonnie and Richard Hillcock. "Joe and Nate [from The Boulos Company] were professional and responsive throughout the entire process and made sure we were comfortable with everything at all times. Their communication was honest and well informed. There were many times they jumped on a call at a moment's notice to put our minds at ease, take care of any issues that cropped up, and provided further explanation as needed. Joe and Nate provided exceptional service and their knowledge of the local markets was 10 out of 10. In the end, they carried us over the finish line."

Property Profile and Pricing

Wassamki Springs operates as a seasonal lakefront campground serving the Portland metropolitan area, running from May 1 through October 15 annually. The property spans the Scarborough and Gorham municipal line and is positioned as the closest campground to Portland, Maine's largest city.

At $6 million for 261 sites, the transaction implies a per-site price of approximately $22,990 — a useful benchmark in a specialty asset class where valuation is driven primarily by site count and acreage rather than traditional building metrics. Published 2026 rates ranged from roughly $35 per night for tent sites during the spring shoulder season to approximately $92 per night for full hookup sites at peak summer pricing, reflecting mid- to upper-mid market positioning within Maine's seasonal campground segment.

Maine campground properties have historically traded at cap rates in the 7–10% range, with established assets averaging near 8.7% based on representative market listings. Applied to the $6 million sale price, that range implies a stabilized net operating income of roughly $480,000 to $540,000 — figures drawn from market benchmarks rather than disclosed financials for this specific transaction.

New Ownership Plans Capital Investment

Wassamki Springs Campground, LLC has indicated plans to invest significant capital into renovating the property. The new owner intends to continue operating Wassamki Springs as a campground for the foreseeable future, preserving the use that has defined the site for decades.

The campground's operating season — May through mid-October — aligns with Maine's peak tourism demand window, when summer occupancy at comparable properties typically runs between 75% and 90%, and fall foliage draws additional visitors through September and October.

Market Context

The transaction reflects a broader pattern in the Northeast, where legacy, family-owned campgrounds with established brand recognition and proximity to major population centers have attracted out-of-state buyers and value-add investors. Wassamki Springs' visibility in national RV and camping networks, published rate structure, and dedicated online presence indicate a professionalized operation that appeals to buyers seeking cash-flow concentration during peak tourist months.

The Boulos Company is a commercial real estate firm based in Portland, Maine.

Sources

The Boulos Company — Family-Owned Wassamki Springs Campground Sells to Out-of-State Buyer