Morningstar owns and operates 63 self-storage facilities in 11 states
December 25, 2018: Morningstar Properties LLC has acquired three Devon Self Storage facilities in Georgia and South Carolina. The three self storage properties comprise a combined total of 216,542 square feet of storage. The company operates properties under the Morningstar Mini-Storage brand.
The acquisition includes properties in 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.
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. Portfolios of this size and caliber continue to attract a lot of interest from regional and national buyers.” Said by Schlosser
Morningstar properties founded in North Carolina in 1981 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. It has a portfolio of 11.5 million square feet.