Morningstar Properties Acquires Six New Storage Properties In Texas

News provided by

Morningstar Properties

Oct 16, 2014, 10:57 ET

CHARLOTTE, N.C., Oct. 16, 2014 /PRNewswire/ -- Morningstar Properties has expanded its Texas holdings by acquiring six new locations. The new properties, located in the Austin and San Antonio markets, add 430,000 square feet of facility space and nearly 3,000 storage units to the company's portfolio.

AUSTIN AREA LOCATIONS:

  • 1001 West Goforth, Buda, TX 78610
  • 10220 US HWY 290 West, Austin, TX 78736
  • 4221 Ranch Road 260 North, Austin, TX 78734

SAN ANTONIO AREA LOCATIONS

  • 38835 IH 10 West, Boerne, TX 78006
  • 4715 US HWY 281 North, Spring Branch, TX 78070
  • 3627 E. Evans Road, San Antonio, TX 78259

The new facilities will join Morningstar's two existing properties in Houston, expanding the company's assets in the state to over 550,000 square feet and nearly 4,000 storage units. Morningstar currently owns and operates 35 storage properties, mostly concentrated in the Southern United States.

"These acquisitions quadrupled the number of properties Morningstar owns and operates in Texas and are a good indication of how bullish we are about the opportunities and growth trends in the state," said Dave Benson, President of Morningstar Properties. "Given their proximity to multi-family residential, growing commercial corridors and college campuses, we expect these new properties to do very well for us."

Morningstar funded the Texas acquisitions and all other property purchases and development since 2013 using its self-sponsored, private equity vehicle, Blue Doors Storage Fund I.

For more information, please visit mstarproperties.com.

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 150 self-storage projects across the country totaling in excess of 10 million square feet. Currently the company manages a network of 35 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. The company's growth is funded through Blue Doors Capital Partners, Morningstar's private equity firm focused on investing in the acquisition and development of self-storage centers. 

SOURCE Morningstar Properties

Related Links

http://www.mstarproperties.com

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