10 Federal Storage LLC, which operates 30 self-storage facilities in the Carolinas and Virginia, sold one of its locations this month and launched its second storage-acquisition company to raise equity and expand its portfolio.
On May 20, 10 Federal sold its Wilmington, N.C., facility for $4.3 million. It acquired the property through its first acquisition company in April 2018 for about $3.3 million. 10 Federal Self Storage Acquisition Company 1 LLC was closed to investors on Nov. 1, according to the 10 Federal website.
10 Federal Self Storage Acquisition Company 2 LLC (10FSSAC2) was established on May 13 with a goal of raising $30 million from investors, according to a press release. As of May 29, 10FSSAC2 had raised nearly $4.5 million in commitments. The funds will be used to increase 10 Federal’s self-storage footprint and convert acquisitions to the company’s automated management platform, the released stated.
Founded in 2010 and based in Raleigh, N.C., 10 Federal is a diversified real estate company that also operates multi-family properties. Its self-storage portfolio of owned and managed properties comprises more than 850,000 net rentable square feet. Integrating technology into its operation is a core tenet of the business, according to the company website.