Matthews, N.C.-based self-storage operator Morningstar Mini-Storage acquired nine properties in South Carolina and Georgia from Walterboro, S.C.-based Monster Self-Storage for $40 million.
The nine stores are class-A facilities, one each in Pooler and Statesboro, Ga., and one each in Beaufort, Florence, North Charleston, Orangeburg and Barnwell, S.C., and two in Sumter, S.C. The facilities total more than 630,000 square feet and 5,000 units. The stores include standard and climate-controlled units and offer amenities including RV and boat parking, and office space for lease.
Morningstar president Dave Benson told the source the sale boosted Morningstar's portfolio to about 4 million square feet, and is the largest acquisition in the company's history.
Founded in 1981, Morningstar owns and operates 63 total facilities in Florida, Georgia, Nevada, North Carolina, Ohio, South Carolina, Texas and Virginia.
Monster Self-Storage has 10 facilities in Florida, Georgia and South Carolina.