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 www.mstarproperties.com. 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 www.harrisonst.com.
SOURCE Morningstar Properties, LLC