Update 11/10/17 – 10 Federal has acquired Superior Self Storage in Asheboro, N.C., with the intent to convert the facility to an unmanned, automated location. The property at 1825 N. Fayetteville St. is the company’s third purchase. Similar to the others, it’ll be transformed by the addition of an automated kiosk and rental center, as well as the use of call-center services, according to a press release. The deal closed on Oct. 31.
The company also announced it’s nearing completion on the automation of its Chapel Hill South location. In addition to installing a suite of technologies, 10 Federal has paved the drive aisles, the release stated.
The company continues to look for acquisition opportunities and is finalizing agreements on two “off-market” transactions expected to grow its portfolio to five properties, officials said.
9/15/17 – Diversified real estate firm 10 Federal has acquired Green Cube Self Storage in Chapel Hill, N.C. The property at 128 McGhee Road is the second transaction completed through the company’s acquisition fund launched earlier this year. The deal closed on Sept. 7, according to a press release.
In keeping with its acquisition strategy, 10 Federal intends to convert the Chapel Hill property to a fully automated facility. It has also planned enhancements including fresh paint for the storage-unit doors and new paving for the drive aisles.
The company also announced it has completed renovations at its Belmont, N.C., facility, the first storage property acquired through the fund. It has a purchase agreement to buy a third facility and issued a letter of intent for a fourth, the release stated. 10 Federal is using the fund to target storage properties throughout the Southeast, with a concentration in North Carolina.
Based in Raleigh, N.C., 10 Federal acquires, develops and manages multi-family and self-storage properties in North Carolina. It now has five self-storage facilities in its portfolio. Integrating technology into its operation is a core tenet of the business, according to the company website.