The Charlotte-based parent company of Morningstar Mini-Storage has sold 43 storage centers in the Carolinas, Texas, Virginia and Georgia to Public Storage for $315 million.
Morningstar Properties said the sale of the units, which include more than 2.9 million square feet of space, ranks as the largest transaction in the storage industry since 2011 and the highest valuation seen for storage properties outside of New York City.
This is an extremely gratifying result, said Morningstar Properties CEO Dave Benson.
The deal with Public Storage, the nations largest self-storage provider, leaves Morningstar with 23 storage properties, including one in Atlanta the firm bought for $6.1 million last month.
Benson said Morningstar is building a new portfolio, with five properties in development.
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