Morningstar Properties LLC, which operates self-storage facilities under the Morningstar Mini-Storage brand, has acquired its third storage property through its proprietary investment vehicle Blue Doors Storage Fund II. The facility at 5800 W. WT Harris Blvd. in Charlotte, N.C., comprises 110,000 square feet in 850 units, company officials said in a press release. It’s the company’s fifth Charlotte-area location and 10th in the state.
Morningstar is planning an extensive capital campaign to re-invent the asset, with a direct focus on street visibility and curb appeal to capitalize on the 43,000 cars passing the facility each day, the release stated. The property is near Northlake Mall and the University of North Carolina at Charlotte.
“This is an investment in our home market, adds scale to our current presence, and supplements our extensive development pipeline here in the Queen City,” said Dave Benson, president. “We are very bullish on Charlotte and its projected growth, and will continue to aggressively invest through acquisition and development in the Charlotte MSA [metropolitan statistical area] as well as across top MSAs in the Sunbelt.”
Blue Doors Storage Fund II is a $75 million, self-managed, institutional investment fund the company launched last fall. Morningstar intends to acquire and develop 35 properties through the fund during the next few years, officials said.
Morningstar acquired its first two storage properties through the Blue Doors Storage Fund II in February. The facilities in Birmingham, Ala., and San Antonio comprise 135,000 square feet in 1,200 units.
Founded in North Carolina in 1981, Morningstar Properties is a vertically integrated developer, owner and operator of real estate products focused primarily on self-storage and marinas in the Southeast. The company has developed, acquired and operated more than 125 self-storage projects across the country, totaling more than 8.8 million square feet. It currently owns and operates 30 self-storage centers in eight states, with most concentrated in the South.