Morningstar Properties LLC, which operates self-storage facilities under the Morningstar Mini-Storage brand, is converting an industrial building in Charlotte, N.C., to self-storage. The property at 928 N. College St. is near Interstate 277. The three-story facility will include 100,000 square feet of climate-controlled storage space, according to the source.
Morningstar has erected a sign on the property and filed preliminary plans with the city. The property won’t include retail or mixed use, which aren’t required because the area is zoned industrial.
Morningstar recently opened a multi-story facility at 3015 S. Tryon in the city. Charlotte is experiencing an increase in self-storage development, the source reported. Additional mixed-use properties from other developers are also underway. The boom is being attributed in part to a rule change by the Charlotte City Council that allows new self-storage facilities to be built in residential areas in addition to industrial and warehouse districts. Budget Self Storage, Development-Management Inc., Pamlico Investments and developer Michael Adams all have mixed-use storage projects in the works.
Founded in North Carolina in 1981, Morningstar Properties is a vertically integrated developer, operator and owner of real estate products focused primarily on self-storage and marinas in the Southeast. The company has acquired, developed and operated more than 135 self-storage projects across the country, totaling more than 10 million square feet. It currently owns and operates 38 self-storage centers in nine states, with most concentrated in the South.
Sources:
- The Charlotte Observer: New Self-Storage Facility Planned on North College Street at I-277
- The Charlotte Observer: Self-Storage Goes Urban: ‘It’s a Much Sexier Building’
