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NORFOLK, VA-Self storage company Morningstar has acquired two recently delivered facilities in Norfolk and Virginia Beach for $14 million. Burnette Development sold the two properties, which total 170,000 sf, to the company.

Michael Howard, vice president and head of CB Richard Ellis’ Self Storage Advisory Group’s Northeast Region, Steve Hryszko, national director of the CBRE Self Storage Group, and Hal Yuill, senior associate of the CBRE Norfolk office, represented the seller in the transaction.

The two facilities offer a total of 1,438 units. Neither are stabilized as Burnette delivered them at the end of last year and the beginning of this year, he tells GlobeSt.com. “They are still in the lease up phase so it is difficult to determine the cap rate,” he says. Morningstar did not return a call to GlobeSt.com in time for publication.

The two facilities give Morningstar access to large military presence in this part of Virginia as well as the ever transit student population at Old Dominion College, he adds. “Old Dominion is growing like crazy and there is clear demand for this kind of product there,” Howard says.

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