Morningstar Properties LLC, which operates self-storage facilities under the Morningstar Mini-Storage brand, has acquired CoolBox Private Storage in Alabaster, Ala., under its proprietary investment vehicle, Blue Doors Storage Fund II. Branded Morningstar of Alabaster, it’s the company’s second facility in the Birmingham-Hoover Metropolitan Statistical Area (MSA), according to a company press release.
The property at 50 Gilbert Drive comprises 98,000 gross square feet of storage space in 615 units. Developed in 2008, it offers drive-up and climate-controlled units.
“Morningstar of Alabaster is a quality addition to our existing market presence in the greater Birmingham MSA. The institutional quality store is in a high-growth area and directly in people’s daily drive pattern,” said Dave Benson, president of Morningstar Properties. “We are believers in the operating and demographic fundamentals of this market, and will continue to invest in high-quality stores through our acquisition and development programs.”
Blue Doors Storage Fund II has acquired eight assets thus far and plans to buy another 10 stores across the Southeast this year, the release stated. It recently purchased Morlake Self Storage in Mooresville, N.C.
Founded in North Carolina in 1981, Morningstar Properties is a vertically integrated developer, operator and owner of real estate products focused primarily on self-storage and marinas in the Southeast. The company has acquired, developed and operated more than 135 self-storage projects across the country, totaling more than 10 million square feet. It currently owns and operates 38 self-storage centers in nine states, with most concentrated in the South.