Morningstar Acquires Kings Point Marina on Lake Norman

Company Completes Third Acquisition on Lake Norman and Fifth Acquisition in

its Marina Portfolio

Mar 30, 2007, 01:00 ET from Morningstar Properties, LLC

    CHARLOTTE, N.C., March 30 /PRNewswire/ -- Morningstar Marinas, a
 division of Morningstar Properties, LLC has acquired Kings Point Marina in
 Cornelius, NC, the largest marina in the state.
     Kings Point Marina joins The Peninsula Yacht Club and Morningstar
 Marinas at Skipper's Landing as the third marina on Lake Norman and fifth
 overall in Morningstar's marina portfolio.
     "We are pleased to announce Kings Point Marina as the newest member of
 the Morningstar marina family," said Dave Benson, President of Morningstar.
 "This is a big move for us. With this acquisition we have reached a scale
 on Lake Norman and across our portfolio that will truly allow us to improve
 our members and customers recreational experience. Recreational time is
 valuable, and we want them to be able to spend their boating time using
 their boats, not in endless preparation and maintenance."
     With over 700 wet and dry berths, the more than twenty-five acre Kings
 Point property is a full service marina that will offer a full shipstore, a
 bath and shower house, an on-site repair and maintenance facility, a boat
 rental fleet, and fuel and pump-out service. With the Kings Point addition,
 Morningstar will have close to 1,600 rentable wet and dry storage berths on
 Lake Norman.
     "For over 18 years, Kings Point has been one of leaders on Lake Norman
 for service and marina facilities," Benson continues. "We look to build on
 this legacy and plan to expand our services and to upgrade property
 features and amenities in the coming months."
     Morningstar Properties is a diversified real estate operator, developer
 and general contractor. For the last twenty-five years, Morningstar has
 developed, built, and operated a portfolio of high-end, self-storage
 facilities. In addition to the three marina properties on Lake Norman,
 Morningstar owns and operates the Reserve Harbor Yacht Club in Pawleys
 Island, S.C. and Bahia Bleu in Savannah, GA.

SOURCE Morningstar Properties, LLC