Morningstar Acquires third property into Blue Doors Storage fund II
CHARLOTTE, NC / March 31, 2015 —- Morningstar Properties announced today that it has acquired a storage facility located in Charlotte, NC. The acquisition adds 110,000 square feet and over 850 units to the company’s portfolio that currently spans 8 states. The asset, Morningstar of WT Harris Blvd, is the 3rd asset in Blue Doors Storage Fund II, the company’s self-directed proprietary investment vehicle.
Morningstar Mini-Storage of WT Harris Blvd— located at 5800 West WT Harris Blvd, Charlotte, NC, 28269 — is the 5th Charlotte area location owned and operated by Morningstar and 10th in North Carolina. Located near Northlake Mall and the University of North Carolina at Charlotte, the facility serves a wide spectrum of clientele. The facility will undergo an extensive capital campaign to re-invent the asset with a direct focus on visibility and street appeal to capitalize on the 43,000 cars passing each day.
“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 of Morningstar Properties, LLC. “We are very bullish on Charlotte and its projected growth and will continue to aggressively invest through acquisition and development in the Charlotte MSA as well as across top MSA’s in the Sunbelt.”