Morningstar acquires Mount Pleasant storage center

Staff Report
Published March 3, 2014

Charlotte-based Morningstar Properties recently purchased a 379-unit storage facility in Mount Pleasant.

This purchase marks Morningstar’s re-entry to the Charleston market. In 2013, Morningstar sold 43 storage centers to Public Storage, including its facilities in Charleston.

The 59,000-square-foot facility sits on nearly nine acres at 2988 N. Highway 17. Built in 2002, it is currently undergoing an expansion. Some existing parking spaces and drive-up units will be converted into a new, multistory building with an additional 30,000 square feet of space and 250 heated and cooled units.

The purchase price was not disclosed. As part of this acquisition, Morningstar also bought storage facilities in Hickory, Gastonia and Charlotte, N.C., and in Fort Mill.

“These facilities are in excellent physical condition and have shown strong results recently in terms of occupancy and rental revenue,” Morningstar President and CEO Dave Benson said in a statement. “We expect them to be strong performers right off the bat.”

The company now owns and operates 27 storage centers with more than 13,000 storage units in nine states. Morningstar Properties is a developer, owner and operator of self-storage properties and marinas in the Southeast.

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