10 Federal, which operates 11 self-storage locations in North Carolina, has acquired an Extra Space Storage facility in Wilmington, N.C. The property at 5135 Market St. is the sixth purchase made by 10 Federal Self Storage Acquisition Co. 1 LLC, which the company launched last year, according to a press release.
10 Federal admitted an additional $1.45 million for the acquisition closing and ongoing renovation of the asset. The company will deploy its suite of technologies at the site to support unmanned operation, including a call center, kiosk-rental center, model unit and overlock system.
The company also opened a new location in Raleigh, N.C., in March. The five-story property is in the historic Five Points neighborhood, a cluster of suburban developments that were built in the early 1920s. It’s managed by CubeSmart, a self-storage real estate investment trust and management company.
In addition, 10 Federal announced that an 8 percent annualized distribution was given to its investors for the first quarter of 2018.
Founded in 2010 and based in Raleigh, N.C., 10 Federal is a diversified real estate company that also operates multi-family properties. Integrating technology into its operation is a core tenet of the business, according to the company website.