Morningstar Acquires the Boathouse at Golden Isles

Jan 18, 2008, 00:00 ET from Morningstar Properties, LLC

    CHARLOTTE, N.C., Jan. 18 /PRNewswire/ -- Morningstar Properties, LLC,
 in its joint venture with Harrison Street Real Estate Capital (HSRE),
 announces that it has acquired the Golden Isles Marina located in St.
 Simons, Georgia.
     Morningstar Marinas-Golden Isles joins a group of premier marine
 properties owned and operated by the company throughout the mid-Atlantic
 and southeastern United States. Ranging from the Chesapeake Bay south to
 the Golden Isles, Morningstar Marinas serve some of the best inland and
 coastal boating locales in the East. The Golden Isles Marina acquisition is
 the fourth marina joint venture between Morningstar and Harrison Street.
 Golden Isles Marina and its neighbor the Boathouse at Golden Isles, another
 Morningstar Marina, are located on adjoining parcels and will be combined
 into one facility.
     "We are delighted to announce Golden Isles Marina as the most recent
 member of the Morningstar Marinas family," said Dave Benson, President of
 Morningstar. "This is an exciting chance for us to combine two exceptional
 marinas, expand our presence in Georgia and to partner with Harrison Street
 on a marina transaction."
     "The Golden Isles and the surrounding southeast coastal Georgia area is
 a burgeoning boating market and this property enables us to improve our
 position to serve the recreational needs in the region," Benson continues.
 "With this acquisition, we have united the two best marinas in the market.
 We know that recreational time is valuable. Morningstar Marinas-Golden
 Isles will give our customers convenient and open access to a great
 experience. Our goal is for them to be able to spend their boating time in
 their boats, not in endless preparation and maintenance."
     With the addition of Golden Isles 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. Since its 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