Morningstar Properties LLC, which operates self-storage properties under the Morningstar Mini-Storage brand, has acquired three Devon Self Storage facilities in Georgia and South Carolina. Combined, the portfolio comprises 216,542 square feet of storage, according to a press release.
The acquisition includes 6012 Ogeechee Road in Savannah, Ga.; 250 Old Cherokee Road in Lexington, S.C.; and 4400 Ladson Road in Summerville, S.C. Built in phases from 2001 to 2006, the locations offer a total of 1,473 units and 155 outdoor vehicle-storage spaces.
The seller, a London-based investment fund, was represented in the transaction by Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, first vice president of investments, for The LeClaire Group of Marcus & Millichap, a commercial real estate investment services firm.
“These assets represent best-in-class storage options in their respective trade areas,” Schlosser said. “Portfolios of this size and caliber continue to attract a lot of interest from regional and national buyers.”
Founded in North Carolina in 1981, Morningstar is a vertically integrated developer, operator and owner of real estate with a focus on self-storage and marinas in the Southeast. The company has acquired, developed and operated more than 170 self-storage projects nationwide, totaling more than 11.5 million square feet. It owns and operates 63 self-storage facilities in 11 states.
Devon has maintained a dedicated self-storage operating platform since 1993. Since then, the company has been involved with the acquisition, development, disposition and management of approximately $1 billion in self-storage assets.