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We offer both standard and climate controlled units with climate controlled units being heated in the winter and cooled in the summer. Real estate investment management firm Harrison Street Real Estate Capital is in the process of selling its joint venture stake in a 43-property self-storage portfolio that it owns with Morningstar Properties LLC, The Storage Facilitator has learned. Depending on the winning bid, the deal could mean big changes for Morningstar, which also holds an ownership stake and operates the facilities under the Morningstar Mini-Storage brand.
Real estate investment banking firm Eastdil Secured LLC, a New York-based subsidiary of Wells Fargo, is marketing the portfolio. Although there’s a chance that a buyer might purchase only Harrison Street’s joint venture stake, it’s likely that bidders are seeking to snap up the entire portfolio. A high sale price also could be a big incentive for other owners to put their portfolios on the sale block, experts said.
The size of the Morningstar portfolio is whetting investors’ appetites for the ability to substantially expand existing portfolios or to enter the self-storage market with a sizable presence. This deal will be significantly bigger than $50 million—the minimum amount needed to spark interest from a broad array of investors who don’t already have a stake in the self-storage sector, said Aaron Swerdlin, executive managing director at Newmark Grubb Knight Frank (NGKF) Markets in Houston. Although representatives of Harrison Street couldn’t be reached for comment, sources familiar with the deal say the private equity firm is simply making a move to capitalize on attractive pricing, realize returns for this particular investment and reinvest the capital. According to the Harrison Street website, the firm owns more than 250 assets valued at more $4.2 billion, including more than 72,000 self-storage units. It’s unclear whether the pending sale will mark an end to the joint venture with Morningstar or whether Harrison Street and Morningstar might work together again on future investments. On its website, Harrison Street bills itself as the exclusive provider of equity capital for all self-storage acquisition, development and redevelopment opportunities for Morningstar. In September 2008, Morningstar and Harrison Street formed an alliance with 2Guys Storage to invest in self-storage properties in the Southeast. According to the 2013 Self-Storage Almanac, Morningstar was the 17th largest self-storage operator in the U.S. Selling a portfolio and rebuilding a strong base is something that Morningstar has proven it can do—and do well.
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Furthermore, Extra Space said it had closed on the purchase of 35 of the 40 facilities mentioned in its third-quarter earnings release for a total price of $190.4 million.
Extra Space’s 17-facility deal follows recent announcements of major acquisitions by two of its REIT rivals: CubeSmart LP and Public Storage Inc.
For Extra Space, securing millions of dollars in acquisitions this year hasn’t been easy in what continues to be a highly competitive market for top-quality assets. Extra Space is predominantly buying properties at cap rates between 6 percent and 7 percent. Kirk acknowledged that Extra Space that amid competitive bidding, the REIT has not been “overly successful” in landing facilities that have been actively marketed. As for development activity, Extra Space does not do ground-up construction on its own, but it does enter joint ventures that hold the opportunity for acquisitions down the road.
By most measures, the REIT’s third-quarter results either met or exceeded what had been already high expectations from Wall Street analysts.
Kirk credits the “great operating environment” for part of the REIT’s recent success—namely stable customer demand and limited new construction. Extra Space marked a major milestone in the third quarter when it surpassed 1,000 branded properties in its portfolio. Our self storage centers are state-of-the-art facilities with friendly and professional customer service. The portfolio spans 2.9 million square feet at properties in Texas, North Carolina, South Carolina, Virginia and Georgia. It is a high-quality portfolio with lots of economies of scale,” said Chris Sonne, executive managing director of the Self Storage Industry Group at commercial real estate firm Cushman & Wakefield.
As such, the total price tag for the 43 Morningstar properties easily will reach into the hundreds of millions of dollars.
So there is wide, wide interest to see what happens, who ends up with it, what the pricing looks like and how the market reacts to it,” Sonne said. A number of institutional investors and private equity firms would like to jump into the self-storage niche, but they’ve been unable to enter at the scale they want. Harrison Street maintains a strong presence in the self-storage sector and continues to make new investments in self-storage properties.
In June, Texas-based Advantage Self Storage said it had formed a joint venture with Harrison Street to buy and develop self-storage properties. At the time, Morningstar released a statement saying the two companies planned to develop and acquire a portfolio of assets valued at more than $200 million over a roughly three-year period. According to a Morningstar statement at that time, the group planned to buy, develop and redevelop a portfolio of assets valued at more than $100 million over a three- to five-year period. In late 2006, Morningstar sold most of its real estate to self-storage REIT Public Storage Inc., and Morningstar’s portfolio shrank from 63 properties to three. They are well-respected, and they are good managers,” Cushman & Wakefield’s Sonne said.
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4, the self-storage REIT announced it had signed a deal to buy 17 storage facilities in Virginia for $200 million in cash. These 35 facilities are in 12 states, and contain about 23,600 units with 2.6 million square feet of rentable space. 4 announcement, Extra Space this year has purchased or is purchasing a total of 87 facilities for more than $730 million. Chris Sonne, executive managing director of the Self Storage Industry Group at commercial real estate firm Cushman & Wakefield, said the four self-storage REITs are “flush with cash” and prefer to buy existing facilities rather than build facilities from the ground up. The company has a track record of strong growth that it has maintained over several quarters, and is “firing on all cylinders” with its third-quarter results, according to an Oct. Street rates rose, while discounts to new customers declined, resulting in same-store revenue growth of 7.8 percent for the quarter.
However, the company is leveraging favorable market conditions along with its own strong operating platform to produce double-digit growth in funds from operations (FFO), an important financial yardstick for REITs. So far this year, the REIT has added 72 branded facilities to its third-party management program for a total of 253. He first moved to Austin in 1999, when downtown Austin wasn't nearly as lively as it is today.
We offer a variety of unit types and sizes in both climate controlled and unconditioned space. It’s really sad because all of the employees are being told they need to reapply for their jobs. In general, Extra Space has been outbid by as much as 10 percent on marketed properties, Kirk said. Excluding one-time acquisition charges, the company’s year-over-year FFO growth was 21 percent in the third quarter. Our goal is to provide our customers with a safe, secure, and clean place to store their belongings at the best prices available.
Based on 43 properties being up for bid now, Morningstar’s facility numbers likely have changed slightly from 2012 to 2013.
Public Storage is a horrid company, they treat their people like dirt, and the fact that so many former managers and employee’s jumped ship to Morning star is a testament to not only how bad of a company Public Storage is, but also how great Morning Star was.
The portfolio comprises about 14,000 units with about 1.5 million square feet of rentable space. The units are ground level providing easy access for any size vehicle from individuals to moving companies. This sellout is going to cause REAL human misery and I hope those who profit understand the real cost of what they are doing. Our staff is professional, knowledgeable, courteous and ready to answer all of your mini storage questions.



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