Morningstar Properties, LLC and Harrison Street Real Estate Capital Acquire Storage Properties in Hilton Head and Summerville

Acquisition Totals 1,552 Units and 219,000 Square-Feet of Space

Jul 10, 2007, 01:00 ET from Morningstar Properties, LLC

    CHARLOTTE, N.C., July 10 /PRNewswire/ -- Morningstar Properties, LLC,
 in its joint venture with Harrison Street Real Estate Capital (HSRE),
 announces that it has acquired five self storage properties in South
 Carolina. Morningstar and Harrison Street recently formed a joint venture
 to develop and acquire a portfolio of assets valued at over $200 million
 during the next three years. This acquisition brings the total asset value
 of the joint venture to over $35 million.
     The facilities, operated under the trade name, Morningstar Mini
 Storage, include four in Hilton Head and one in Summerville, SC, with a
 total 219,123 rentable square feet and 1,552 units.
     David Benson, President of Morningstar said, "We are pleased to add
 these properties to our portfolio. They are well located in strong growth
 markets, and will feature the same excellent service, curb appeal, box and
 lock sales, boat and RV parking, along with the regular and climate
 controlled units that we have been known for in our 26 year history."
     Morningstar, based in Charlotte, NC, currently has self storage
 facilities in North Carolina, South Carolina and Georgia. The company also
 owns and operates a portfolio of marinas in the same states, operated as
 Morningstar Marinas.
     HSRE Principal Robert Mathias said, "In a relatively short period of
 time, our venture with Morningstar has created a nice foundation for a
 larger portfolio of storage assets. We are thrilled with our affiliation
 with Morningstar and look forward to continuing to grow their brand through
 additional acquisitions and developments in the Southeast."
     About Morningstar Properties, LLC
     Morningstar is a vertically integrated developer, builder, and operator
 of specialty real estate types across the Southeast. Since 1981 Morningstar
 has developed and operated almost 70 self-storage projects totaling over
 5.5 million square feet in area and is the premier developer of modern,
 high- quality storage properties in the Carolinas. The company has a
 diversified portfolio, also owning and managing a number of marinas in the
 Southeast, 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. These sectors principally include self-storage, marinas, student
 housing, senior housing / assisted living, medical office/healthcare and
 related parking. Harrison Street's inaugural fund has already entered into
 seven strategic joint ventures and has acquired or is in the process of
 developing 40 properties worth approximately $400 million. For more
 information, visit

SOURCE Morningstar Properties, LLC