180 Development Services, LLC, Forms Strategic Alliance With Morningstar Properties, LLC and Harrison Street Real Estate Capital to Invest in Storage Properties in the Southwest Strategic Alliance Has Three Year Plan To Build $100 Million Portfolio



    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

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.