Morningstar Properties has purchased two new storage properties in Tallahassee, Florida and one in Bentonville, Arkansas, adding 240,000 square feet of facility space and more than 1,900 storage units to its portfolio.
The company now owns and operates 26 mini-storage centers in nine states, mostly concentrated in the South. With the acquisitions, Morningstar adds to the three properties it already operates in Florida, located in the Orlando area. This is its first site in Arkansas.
With an extensive rebranding and repositioning program underway, the company will operate the new stores under its “Morningstar Mini-Storage” brand. “This gives us great presence in two more strong university markets, which is key to our marketing and business strategy,” said Dave Benson, Morningstar president and CEO.
• 5086 Tennessee Capital Blvd, Tallahassee, FL: 895 storage units, including climate- and non-climate controlled; 92,985 square feet; six-acre parcel; built in 1988 and renovated in 2006
• 5600 Roanoke Trail, Tallahassee, FL: 571 storage units, including climate- and non-climate controlled; 66,630 square feet; 2.2-acre parcel; built in 2005
• 2110 Southeast J Street, Benton, AR: 447 storage units, including climate- and non-climate controlled; 81,680 square feet; 6.4-acre parcel; built in 2004
Morningstar acquired the new properties through its self-managed institutional investment vehicle, Blue Doors Storage Fund I. The company has executed six acquisitions in 2013 with the fund, and has seven more properties under contract, Benson said.
In October, Morningstar sold 43 storage centers for $315 million to Public Storage, the nation’s largest self-storage provider, and purchased its second storage property in Atlanta in September.
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 8.5 million square feet. Currently the company manages a network of 26 storage properties under the brand name of Morningstar Mini-Storage in nine 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. Morningstar’s future growth is funded through Blue Doors Capital Management, an affiliated private equity fund designated for acquisition and development of self-storage centers. For more information, please visit: https://www.morningstarstorage.com/]]>