In the News

Morningstar buys Reserve Harbor Marina

Charlotte Business Journal - 07/14/2005

Morningstar Marina Management has acquired the Reserve Harbor Marina and Club in Pawleys Island, S.C., from The Litchfield Co.

Morningstar Marina, a division of Matthews-based mini-storage company Morningstar Properties, didn't disclose the price.

The Reserve accommodates 220 dry stack boats and 50 wet slips. The facility has a clubhouse with food and beverage services and a members-only swimming pool. Morningstar plans to expand services within the marina and club operations.

The Reserve joins the Peninsula Yacht Club on Lake Norman as the second marina in the company's portfolio.

"Two years ago, we launched our marinas division, and our approach is to build and acquire first-class marine properties and to deliver exceptional service in their day-to-day operations," says Dave Benson, president of Morningstar. "The Reserve is a strategic fit in our coastal expansion plan where we are looking to acquire additional marina operations from Maryland to Florida."

Morningstar Properties is a diversified real estate operator, developer and general contractor. For the last 25 years, the company has developed, built and operated a portfolio self-storage facilities. Morningstar is the largest storage operator in the Carolinas, managing 59 storage centers with more than 4.5 million square feet.

Based in South Carolina, The Litchfield Co. develops resort, real estate and residential communities along the South Carolina coast.