10 Federal, a commercial real estate firm that manages approximately 135 self-storage properties across 16 states, has branched into the retail sector with its acquisition of Eric Lane Shopping Center in Burlington, North Carolina.
Eric Lane Shopping Center comprises approximately 219,850 square feet on nearly 25 acres at the I-40/I-85 interchange. The financial terms of the deal were not disclosed, and the company stated it would continue raising capital and pursuing opportunities in retail and other adjacent sectors over the coming year.
“This strategy is highly complementary to our business, and we see it becoming an important growth engine for 10 Federal,” said Ian Levin, vice president of investments at the Raleigh, North Carolina-headquartered 10 Federal. “It allows us to apply the experience we’ve gained over the past 15 years to a complementary asset class while pursuing opportunities that fit naturally within our business.”
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