Morningstar Sale Makes Self Storage History
I’m Lauren Gores for StorageMart News. It’s a history-making deal in the world of self-storage.
When Charlotte, North Carolina-based Morningstar Properties sold 43 sites to Public Storage for $315 million dollars in October — America’s largest self-storage provider got even bigger. (Via Charlotte Business Journal)
Major purchases like this are simply what Glendale, California-based Public Storage does. This one is the industry’s largest since 2011. And it’s reportedly the highest storage valuation outside New York.
Public Storage is the biggest, but Morningstar is no slouch. Before the sale, it was the nation’s 17th-largest self-storage provider. Now, it still owns 23 properties and is getting to work developing five new ones — including an Atlanta-area facility it picked up for $6.1 million last month. According to an Atlanta Journal-Constitution report, it’s a 47,500 sq. ft. facility with 351 indoor units that are 92 percent occupied.
Morningstar CEO Dave Benson says he couldn’t be more pleased with the deal. (Via PR Newswire)
And WBTV notes: “The terrain should feel familiar; in 2006, the company went through a similarly dramatic shift when it sold 60 of 63 properties to … Public Storage.”