Morningstar Acquires New Storage Facility in Birmingham, AL

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Charlotte-based Morningstar Properties announced today that it has acquired CoolBox Private Storage in Alabaster, Alabama, adding 615 units and 98,000 gross square feet to its portfolio.

Morningstar of Alabaster is a quality addition to our existing market presence in the greater Birmingham MSA.

Charlotte-based Morningstar Properties announced today that it has acquired CoolBox Private Storage in Alabaster, Alabama, adding 615 units and 98,000 gross square feet to its portfolio.

Originally developed in 2008, the Morningstar Storage branded complex offers customers over 65,000 square feet of heated and cooled storage options and large drive-up units ideal for commercial tenants. Located on the southern side of the Birmingham-Hoover MSA at 50 Gilbert Road, Alabaster, Alabama, Morningstar of Alabaster is the preeminent modern facility serving the greater Alabaster and Pelham areas.

“Morningstar of Alabaster is a quality addition to our existing market presence in the greater Birmingham MSA. The institutional quality store is located in a high-growth area and directly in people’s daily drive pattern. Morningstar now owns and operates two of the premier storage locations in Birmingham,” said Dave Benson, President of Morningstar Properties. “We are believers in the operating and demographic fundamentals of this market and will continue to invest in high-quality stores through our acquisition and development programs.”

Morningstar acquired the property through its self-managed institutional investment vehicle, Blue Doors Storage Fund II, which has acquired 8 assets with the fund and plans to acquire another 10 stores across the south-eastern U.S. over the balance of 2015. Morningstar of Alabaster is the company’s second storage asset in the Birmingham-Hoover 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 135 self-storage projects across the country totaling in excess of 10 million square feet. The company manages a network of 38 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.

For more information:
Billy Stephens – Senior Director
bstephens(at)mstarproperties(dot)com

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