Morningstar Acquires Eaton Ferry Marina

Company Completes Its Ninth Acquisition in Its Marina Portfolio

Jan 04, 2008, 00:00 ET from Morningstar Properties, LLC

    CHARLOTTE, N.C., Jan. 4 /PRNewswire/ -- Morningstar Properties, LLC, in
 its joint venture with Harrison Street Real Estate Capital (HSRE),
 announces that it has acquired Eaton Ferry Marina located in Littleton,
 North Carolina.
     Morningstar Marinas-Eaton Ferry joins the company's portfolio of
 premier marine properties owned and operated throughout the mid-Atlantic
 and southeastern United States. Stretching from the Chesapeake Bay south to
 the Golden Isles of Georgia, Morningstar Marinas serve some of the best
 inland and coastal boating locales in the East.
     Eaton Ferry Marina is the only full service marina and is centrally
 located in the heart of Lake Gaston. The five acre facility includes a
 restaurant/grill, a boat sales showroom, a 7,000 sf repair and service
 area, and two dry storage buildings accommodating up to 320 boats.
     The Eaton Ferry Marina acquisition is the third marina joint venture
 between Morningstar and Harrison Street and the ninth in the portfolio.
     "We are pleased to announce the addition of Eaton Ferry Marina as the
 next member of the Morningstar Marinas family," said Dave Benson, President
 of Morningstar. "This is a great opportunity for us to expand our presence
 in North Carolina and to partner with Harrison Street on a marina
     "Lake Gaston and the immediate metropolitan areas of Raleigh-Durham and
 Richmond are dynamic growth centers in the regional boating market. This
 property enables us to improve our position to serve the inland
 recreational needs in the region," Benson continues. "Morningstar
 Marinas-Eaton Ferry is now our fourth marina in North Carolina and we have
 reached a point where we are realizing the benefits of scale. For our
 customers, it is our priority to value their recreational time and to
 deliver to them a great boating experience by providing exceptional
 facilities and services."
     With the addition of Eaton Ferry Marina, Morningstar owns and operates
 over 2,800 dry and wet berths covering four states in the Southeast. The
 Company plans to continue to acquire, develop and redevelop marina
 properties from Maryland to Florida.
     Harrison Street Principal, Robert Mathias, said, "We are looking
 forward to growing our relationship with Morningstar. With the success of
 our self- storage venture, it was a natural extension to migrate with them
 into an additional asset class. The marina industry fits with our strategy
 of investing in specialty asset classes with their own unique demand
     During the next three years, the venture anticipates to develop and
 acquire self-storage and marina properties with a portfolio of assets
 valued at over $200 million.
     About Morningstar Properties, LLC
     Morningstar Properties is a vertically integrated real estate
 developer, general contractor, and operator headquartered in Matthews, NC.
 For over twenty-five years, Morningstar has developed, built, and operated
 a portfolio of high-end personal, commercial and recreational storage
 facilities across the southeast. For additional information, visit
     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. Since it's founding the firm has acquired or has under
 development 66 properties worth over $690 million throughout 20 states in
 the U.S. The portfolio includes over 2,000 senior housing units, over
 18,800 storage units, over 4,000 student housing beds, over 1,500 marina
 berths, and nine medical office buildings encompassing in excess of 345,000
 sf. For additional information, visit

SOURCE Morningstar Properties, LLC