Joint Venture Expands Its National Portfolio With Five Self-Storage Properties in Houston, Texas

Acquisition Totals 1,911 Units and 290,000 Square-Feet of Space

Oct 11, 2007, 01:00 ET from Morningstar Properties, LLC

    PHOENIX, Oct. 11 /PRNewswire/ -- 180 Development Services, LLC in its
 joint venture with Harrison Street Real Estate (HSRE) and Morningstar
 Properties announces the acquisition of five self-storage properties in the
 Houston, Texas market. The storage facilities now operated under the trade
 name Morningstar Mini-Storage, are all located in the northern suburbs of
 Houston with a total of 290,507 rentable square feet and 1,911 storage
 units. This acquisition represents the first properties closed into the
 Joint Venture.
     Larry Hoffmann, President of 180 Development Services said, "We are
 excited to add these properties to our portfolio. They are all well located
 in emerging trade areas, and will feature excellent service, curb appeal,
 along with a large variety of storage product. These stores will certainly
 form the cornerstone for our growth in the Houston market."
     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. We are thrilled with these initial acquisitions and look forward to
 expanding even further geographically."
     Dave Benson, President of Morningstar, remarked, "With this our first
 foray into Texas, we enter a thriving economy with a formidable operating
 team and a portfolio of properties poised for growth. We couldn't be more
 pleased with this as a foothold for rapid expansion throughout the state."
     About 180 Development Services, LLC
     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
     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
     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. Since it's founding the firm has acquired or has under development
 51 properties worth over $557 million throughout 17 states in U.S. The
 portfolio includes over 1,500 senior housing units, over 16,000 storage
 units, over 4,000 student housing beds and over 1,000 marina berths. The
 firm's inaugural Fund, Harrison Street Real Estate Partners I, LP was
 closed in May of 2007 with $208.5 million in equity commitments. This real
 estate fund is 60% invested and will have buying power of over $800
 million. Investors in the fund include some of the largest family offices
 in the U.S. as well as endowments, foundations, pension funds, insurance
 companies and foreign investors. For more information, visit

SOURCE Morningstar Properties, LLC