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

Acquisition Totals 1,140 Units and 129,000 Square-Feet of Space

Jan 14, 2008, 00:00 ET from Morningstar Properties, LLC

    PHOENIX, Jan. 14 /PRNewswire/ -- 180 Development Services, LLC in its
 joint venture with Harrison Street Real Estate (HSRE) and Morningstar
 Properties, LLC announces the acquisition of two self-storage properties in
 the Houston, Texas market. The storage facilities, operated under the trade
 name Morningstar Mini-Storage, are located in Friendswood and West Houston
 and have a total of 129,000 rentable square feet and 1,140 storage units.
 This acquisition brings the number of properties acquired into the joint
 venture to seven representing approximately 420,000 square feet of storage
 space and 3,050 units.
     Larry Hoffmann, President of 180 Development Services said, "Through
 this acquisition, we have successfully added product to the portfolio that
 compliments our earlier purchase in Houston. Along with operating
 synergies, these two stores provide excellent growth opportunities in the
 market and are a quality representation of Morningstar as we focus on the
 expansion of the brand."
     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 90
 self-storage projects totaling over 6.5 million square feet in area and is
 a premier developer of modern, high-quality storage properties in the
 Southeast. Morningstar has a diversified portfolio also owning and
 operating ten marinas, 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
 72 properties worth over $850 million throughout 23 states in U.S. The
 portfolio includes over 2,000 senior housing units, over 22,500 storage
 units, over 4,000 student housing beds, over 1,521 marina berths, and
 approximately 272,000 square feet of medical office space. 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 96% invested and will have buying power of over $900 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