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
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
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
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