PHOENIX, July 23 /PRNewswire/ -- 180 Development Services, LLC announced today the formation of a strategic alliance with Morningstar Properties, LLC (Morningstar) and Harrison Street Real Estate Capital (HSRE) to invest in self-storage properties throughout the Southwestern United States. 180 Development Services is responsible for sourcing and securing acquisition and development opportunities in the region and providing property management services for the investments. Morningstar, while also participating in the ownership of the properties, extends its brand to the Southwest with this venture. HSRE and Morningstar formed a joint venture to develop properties together in the Southeast earlier in 2007. To date they have acquired nine facilities in the Carolinas and Georgia with a total of 3,600 units and 444,000 square feet. The group plans to acquire, develop and redevelop a portfolio of assets valued at more than $100 million in the Southwest during the next three years. Their first portfolio purchase is expected to close in October. Headquartered in Gilbert (Phoenix), AZ, 180 Development Services is an integrated operator and developer of self-storage properties. The principals of 180 Development Services include Jeff Helgeson, Larry Hoffmann, Tim Jones, and Jeff Mikus, all formerly with Shurgard Storage Centers, Inc. The group brings many years of experience in real estate development, construction, and operations of self storage properties. For more information about 180 Development Services, visit www.180developmentservices.com. Larry Hoffmann, President of 180 Development Services said, "The combination of talent and resources this alliance provides will certainly expedite our goal of becoming an industry leader in the Southwestern U.S." David Benson, President of Morningstar adds, "We are pleased to affiliate with such an excellent group of self storage veterans. Their years of experience in the industry while at Shurgard, give us an opportunity to really capitalize on a strong growth plan to expand our brand to the Southwest." HSRE Principal Robert Mathias said, "Building on the foundation of our previously announced joint venture with Morningstar made tremendous sense while capitalizing on the expertise of the 180 Development Services team and their proven track record developing and operating in the Southwest region." About Morningstar Properties, LLC Morningstar, headquartered in Matthews (Charlotte) NC, is a vertically integrated developer, builder, and operator of specialty real estate types across the Southeast. Since 1981 Morningstar has developed and operated almost 70 self-storage projects totaling over 5.5 million square feet in area and is the premier developer of modern, high-quality storage properties in the Carolinas. Prior to an asset sale in 2006, the company was ranked # 10 in the country. Morningstar has a diversified portfolio, also owning and managing a number of marinas in the Southeast, has won numerous awards, and is consistently recognized as an industry innovator. See more about Morningstar at www.mstarproperties.com. About Harrison Street Real Estate Capital HSRE's model is to provide equity capital at the property level to developers and operators in the specialty sectors of the real estate market. These sectors principally include self-storage, marinas, student housing, senior housing / assisted living, medical office/healthcare and related parking. Harrison Street's inaugural fund has already entered into seven strategic joint ventures and has acquired or is in the process of developing 40 properties worth approximately $400 million. For more information, visit www.harrisonst.com.
SOURCE 180 Development Services, LLC; Morningstar Properties, LLC; Harrison