Morningstar Properties acquires 3rd asset into Blue Doors Storage Fund II
Charlotte, NC (PRWEB) April 01, 2015
Morningstar Properties announced today that it has acquired a storage facility located in Charlotte, NC. The acquisition adds 110,000 square feet and over 850 units to the company’s portfolio that currently spans 8 states. The asset, Morningstar of WT Harris Blvd, is the 3rd asset in Blue Doors Storage Fund II, the company’s self-directed proprietary investment vehicle.
Morningstar Mini-Storage of WT Harris Blvd— located at 5800 West WT Harris Blvd, Charlotte, NC, 28269 — is the 5th Charlotte area location owned and operated by Morningstar and 10th in North Carolina. Located near Northlake Mall and the University of North Carolina at Charlotte, the facility serves a wide spectrum of clientele. The facility will undergo an extensive capital campaign to re-invent the asset with a direct focus on visibility and street appeal to capitalize on the 43,000 cars passing each day.
“This is an investment in our home market, adds scale to our current presence and supplements our extensive development pipeline here in the Queen City,” said Dave Benson, President of Morningstar Properties, LLC. “We are very bullish on Charlotte and its projected growth and will continue to aggressively invest through acquisition and development in the Charlotte MSA as well as across top MSA’s in the Sunbelt.”
Morningstar acquired this property through its self-managed, investment vehicle, Blue Doors Storage Fund II, the follow on vehicle to Blue Doors Storage Fund I. With Blue Doors Storage Fund II, Morningstar plans to acquire and develop 35 properties over the next few years.
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 and marinas 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 8.8 million square feet. Currently the company manages a network of 31 storage properties under the brand name of Morningstar Mini-Storage in eight states, mostly concentrated in the South. In addition to storage centers, Morningstar owns and operates 12 marinas across the Southeast and Great Lakes. The corporate headquarters are located in Charlotte, NC. The company’s growth is funded through Blue Doors Storage Funds, Morningstar’s private equity vehicles investing in the acquisition and development of self-storage centers.
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