CHARLOTTE, N.C., March 9 /PRNewswire/ -- Morningstar Properties, LLC, a
leading national self-storage operator and developer is pleased to announce
a strategic joint venture with Harrison Street Real Estate Capital (HSRE),
a Chicago-based real estate private equity firm. The venture will focus on
the acquisition, development, and redevelopment of self-storage facilities
with a primary geographic focus on the Carolinas.
The joint venture was launched with the acquisition of three assets
totaling 1,589 units, in the Charlotte, Fayetteville, and Carrboro/Chapel
Hill, NC markets. The value of these acquisitions was approximately $13
million. The Charlotte facility is located amidst the burgeoning "Uptown"
market in the Charlotte CBD where recent condominium development has or
will add approximately 5,000 living units to the current downtown supply.
The Fayetteville asset is located in the same MSA as the Fort Bragg
Military Base and the Carrboro asset serves the Chapel Hill market, where
50,000 students and faculty make their home during the school year.
David Benson, President of Morningstar Properties said, "We are
delighted about our new partnership with Harrison Street. Together, we plan
to once again make Morningstar the premier household name in storage across
the Southeast. Our home is the Carolinas, so it is appropriate that these
new North Carolina stores will be the beachhead to reestablish our
presence, our community support programs and of course, our weekly
Headquartered in Matthews (Charlotte), NC, Morningstar has been a
leader in the self-storage business for over 25 years. Prior to an asset
sale in 2006, Morningstar was the largest storage operator in the Carolinas
with 63 properties in the market and ranked 10th nationally. Recognized for
its good corporate citizenship, the company donates up to five percent of
its storage units to deserving local charities.
The joint venture plans to develop and acquire a portfolio of assets
valued at more than $200 million during the next three years. Morningstar's
goal is to become one of the largest providers of self-storage facilities
in the markets in which it operates. The properties will be operated under
the Morningstar Mini-Storage brand.
HSRE Principal Robert Mathias said, "We are excited about this alliance
with Morningstar Properties based on their superb track record, excellent
management team, and active transaction pipeline. The self-storage asset
class remains highly fragmented. With over 45,000 self-storage facilities
in the US still largely held by local operators, we have targeted the
self-storage market given the excellent risk-adjusted returns one can
achieve as the sector consolidates. The initial three acquisitions each
have their own unique and compelling demand drivers and we look forward to
expanding our portfolio with David and his team."
About Morningstar Properties, LLC
Morningstar Properties 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. For more 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. These sectors principally include self-storage, student housing,
senior housing/assisted living, medical office/healthcare and related
parking. Harrison Street's inaugural fund has already entered into six
strategic joint ventures and has acquired or is in the process of
developing over 50 properties worth greater than $300 million. For more
information, visit www.harrisonst.com.
Morningstar Properties, LLC
Harrison Street Real Estate Capital
SOURCE Morningstar Properties, LLC