A Charlotte-based self-storage company has purchased City Storage in Virginia-Highland for $6.1 million, the buyer said Tuesday.
Morningstar Properties said the five-story storage facility on Ponce De Leon near the Ponce Market redevelopment project has been renamed Morningstar Mini-Storage.
The 47,500-square-foot structure, built in 2009, has 351 indoor storage units that are 92 percent occupied, the company said. Morningstar Properties President Dave Benson said the location was chosen for the dense population base and relatively high average household incomes.
Morningstar also has a storage facility on South Main Street in Alpharetta. Morningstar said it now owns and operates 66 mini-storage centers in eight states, mostly in the South.
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