MORNINGSTAR AQUIRES NEW STORAGE FACILITY IN SAN ANTONIO, TX
CHARLOTTE, NC / July 27, 2015 —- Charlotte-based Morningstar Properties announced today that it has acquired a storage facility in San Antonio, Texas adding 95,000 gross square feet and more than 575 additional units to its portfolio.
Constructed in 2015, the Morningstar Storage branded complex offers a mix of units ranging from large drive up spaces suited for commercial users to 50,000 GSF of heated and cooled selfstorage units within in a 3 story state-of-the-art building. Located at 6826 Alamo Parkway, the facility is ideally situated to serve the burgeoning Alamo Ranch neighborhood in San Antonio; the 6th fastest growing master planned community in the United States. Alamo Ranch’s already strong demand for storage is well poised to increase with over 55,000 residents representing an estimated 18,500 households within a 3-mile radius of the new Morningstar facility, with a projected five-year population growth of over 15% compared to a national growth rate under 4%.
“This brand new and very crisp facility, fittingly named Morningstar of Alamo Ranch, is well situated to serve this very dynamic growth area anchored by the Alamo Ranch master planned development” said Dave Benson, President of Morningstar Properties. “As we look to expand our footprint in Texas, the San Antonio MSA is a strategic focus.
Morningstar acquired the property through its self-managed institutional investment vehicle, Blue Doors Storage Fund II, which has acquired 5 assets with the fund and plans to acquire several additional facilities in the greater San Antonio and Austin, Texas markets in the last half of 2015. Morningstar of Alamo Ranch is the company’s 5th storage asset in the San Antonio MSA.
About Morningstar Properties: Morningstar Properties is a vertically integrated real estate developer, owner and operator of specialty real estate products focused primarily on selfstorage and marinas in the Southeast United States. Since 1981, Morningstar has developed, acquired and operated over 135 self-storage projects across the country totaling in excess of 8.8 million square feet. The company manages a network of 36 storage properties under the brand name Morningstar Storage in nine states concentrated in the South. In addition to storage centers, Morningstar operates 12 marinas across the Southeast and Great Lakes. The corporate headquarters are located in Charlotte, NC. Morningstar’s future growth is funded through Blue Doors Capital Management, which manages the company’s affiliated private equity funds designated for acquisition and development of