Morningstar Aquires New Storage Facility in Mooresville, NC

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Charlotte-based Morningstar Properties announced today that it has acquired Morlake Self Storage in Mooresville, North Carolina adding 430 units and 62,000 rentable square feet to its portfolio.

Morningstar Storage
The Mooresville/Lake Norman 77 corridor is a target for us as we continue to aggressively invest via development and acquisitions across the greater Charlotte MSA.

Charlotte-based Morningstar Properties announced today that it has acquired Morlake Self Storage in Mooresville, North Carolina adding 430 units and 62,000 rentable square feet to its portfolio.

Originally developed in 2007 and expanded in 2014, the Morningstar Storage branded complex offers customers a full suite of storage solutions including heated and cooled units and secure RV Parking. On the north side of the Charlotte MSA, and located at 568 Bluefield Rd, Morningstar of Mooresville serves eastern Lake Norman residents, and the very active River Hwy commercial corridor. Morningstar will immediately expand the facility adding another phase of heated and cooled units.

“Morningstar of Mooresville, is a quality addition to our existing market presence in the greater Charlotte MSA and well located in a sub-market Morningstar has served historically. The additional opportunity for immediate expansion helps Morningstar continue to provide a very valuable neighborhood service to the growing Mooresville area,” said Dave Benson, President of Morningstar Properties. “The Mooresville/Lake Norman 77 corridor is a target for us as we continue to aggressively invest via development and acquisitions across the greater Charlotte MSA.”

Morningstar acquired the property through its self-managed institutional investment vehicle, Blue Doors Storage Fund II, which has acquired 7 assets with the fund and plans and plans to acquire another 10 stores across the South Eastern US over the balance of 2015. Morningstar of Mooresville is the company’s storage 7th asset in the Charlotte MSA.

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 136 self-storage projects across the country totaling in excess of 8.9 million square feet. The company manages a network of 37 storage properties under the brand name Morningstar Storage in nine states concentrated in the South. In addition to storage centers, Morningstar operates 12 marinas across the Southeast and Great Lakes. The corporate headquarters are located in Charlotte, NC. Morningstar’s future growth is funded through Blue Doors Capital Management, which manages the company’s affiliated private equity funds designated for acquisition and development of self-storage centers.

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