Morningstar venture buys sixth marina

CHARLOTTE, N.C. – A joint venture formed by local self-storage operator Morningstar Properties and Harrison Street Real Estate Capital has purchased a marina on St. Simons Island, Ga., the Charlotte Business Journal reported in a recent story. Financial terms were not disclosed.

Morningstar and Harrison Street, a Chicago-based real estate private-equity firm, formed a joint venture in March to develop and acquire self-storage and marina assets, launching with the $13 million purchase of three properties in the Charlotte, Fayetteville and Carrboro/Chapel Hill markets.

The Morningstar venture has since added six self-storage facilities in the Carolinas and Georgia. The Boathouse at Golden Isles is the sixth marina in Morningstar’s portfolio, according to the story.

Since 1981, Morningstar has developed and operated nearly 70 self-storage projects totaling more than 5.5 million square feet.

“We are pleased to announce the Boathouse at Golden Isles as the newest member of the Morningstar marina family,” Dave Benson, president of Morningstar, was quoted as saying. “This is an exciting opportunity for us to expand our presence in Georgia.”

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