CHARLOTTE, N.C., Sept. 24, 2013 /PRNewswire/ -- Morningstar Properties has purchased City Storage, a five-story, climate-controlled storage facility located in the Virginia Highlands neighborhood near Midtown Atlanta for $6.1 million.
The award-winning property measures 47,500 square feet and has 351 indoor storage units of varying sizes. It was built in 2009 and is currently 92% occupied. Morningstar plans to "reflag" the store to operate under its "Morningstar Mini-Storage" brand.
"This property has the strategic attributes we typically look for in order to establish a strong presence in a market, " said Dave Benson, Morningstar Properties president. "The quality of the structure is Class A, and the trade areas feature an exceptionally dense population base with relatively high average household incomes, a major retail corridor and vibrant development. We're confident that this acquisition positions us well to capture market share in one of Atlanta's most dynamic infill neighborhoods and increase consumer demand for our services in the metropolitan region."
Located in the Virginia Highlands neighborhood, where the Atlanta Beltline crosses Ponce de Leon Avenue, the property is adjacent to national retailers Whole Foods, Home Depot, Staples and Kroger, as well the Ponce Market redevelopment project (poncecitymarket.com), a $200 million revitalization of a 2 million square foot historical Sears Roebuck distribution facility.
With this acquisition, Morningstar owns and operates 66 mini-storage centers in eight states, mostly concentrated in the Southern United States. The company has one other site in the Atlanta metropolitan region at 530 S. Main St in Alpharetta.
Morningstar acquired the City Storage property through its self-managed institutional investment vehicle, Blue Doors Storage Fund I. Morningstar has now financed three acquisitions with the fund, Benson said.
About Morningstar Properties: Morningstar Properties is a vertically integrated real estate developer, owner and operator of specialty real estate products focused primarily on self‐storage in the Southeast United States. Since 1981, Morningstar has developed, acquired and operated over 125 self‐storage projects across the country totaling in excess of 8.5 million square feet. Currently the company manages a network of 66 storage properties under the brand name of Morningstar Mini‐Storage, making Morningstar Properties one of the 20 largest self‐storage companies in the U.S. Morningstar maintains an ownership interest in 45 stores in the portfolio and manages another 20 for third parties. Morningstar's self‐storage portfolio spans across eight states with most of the properties concentrated in the South. In addition to the storage portfolio, Morningstar also owns and operates a portfolio of nine marinas across the Southeast. The corporate headquarters are located in Charlotte, NC.
Image with caption: "Rendering of Morningstar Mini-Storage sign on the company's newly acquired property in Midtown Atlanta. Morningstar Properties purchased the site from City Storage for $6.1 million." Image available at: http://photos.prnewswire.com/prnh/20130924/MM84621-a
Image with caption: "Morningstar Properties has purchased City Storage (middle foreground) in Midtown Atlanta. The $200 million Ponce City Market revitalization project is the large brick structure at left." Image available at: http://photos.prnewswire.com/prnh/20130924/MM84621-b
Image with caption: "Dave Benson, president of Morningstar Properties." Image available at: http://photos.prnewswire.com/prnh/20130924/MM84621-c
SOURCE Morningstar Properties