10 Federal Retail
Retail Real Estate, Owned and Operated by 10 Federal
Retail Real Estate, Owned and Operated by 10 Federal
We acquire, develop, and manage neighborhood retail and community shopping centers across the United States. Our platform is vertically integrated and data-driven, with in-house acquisitions, development, and asset management teams working from a single underwriting and operating discipline. Every decision, from site selection to tenant strategy to disposition, is grounded in proprietary data rather than instinct.
Talk to Our Retail Team
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Most shopping centers are owned by groups who do one thing: they buy retail, they hire out the operations, and they wait. When a roof needs replacing or a box goes dark, the response runs through a chain of third parties who have no stake in the outcome.
10 Federal is built differently. We are a commercial real estate firm that owns what it operates and operates what it owns, with acquisitions, development, construction management, asset management, and marketing all in house. That structure has produced institutional exits to Nuveen and Brookfield Asset Management, recognition from Preqin and Inc., and a platform now spanning 14 states.
The retail portfolio is run as its own business. It shares the firm's acquisitions, development, and asset management teams, but it is a separate portfolio with its own strategy, its own tenants, and its own capital. Nothing about how we operate a shopping center is inherited from how we operate a storage facility.
Retail is where that structure has the most room to work. Shopping centers reward owners who can underwrite a trade area honestly, move quickly on a mispriced asset, re-tenant without waiting on a committee, and manage capital projects without a markup at every layer. This page covers how we buy, what we look for, how to lease space from us, and how to reach the people who make those decisions.
Retail at 10 Federal
10 Federal owns and operates neighborhood and community shopping centers: the multi-tenant, surface-parked, interstate-and-arterial retail that serves everyday demand in secondary markets. These are centers anchored by hard goods retailers, furniture and home stores, fitness, medical, service tenants, and regional operators, in trade areas where the population is growing faster than the retail supply.
We are not a passive allocator. Every center we own is underwritten, closed, capitalized, and managed by the same team, and capital projects run through our own development and construction management group rather than an outside owner's representative. When a tenant needs a space demised, a facade updated, or a pad site delivered, the people scoping that work report to the people who own the asset.
We Buy
Multi-tenant retail in growing secondary and tertiary markets, including centers other buyers pass on because they require real work.
We Operate
Leasing, tenant relations, vendor management, capital planning, and reporting run in house on a single platform.
We Build
Pad site development, expansions, demising, and conversions delivered as fee developer and construction manager.
What We Look For in an Acquisition
We are actively acquiring. If you are a broker or an owner with retail that fits the profile below, we can give you a real answer quickly, because the people evaluating the deal are the people who approve it.
We do not screen on size. A single-tenant outparcel and a regional power center are both worth a conversation if the trade area and the basis make sense. What follows is what we actually weigh.
Criteria | What we target |
|---|---|
Property type | Neighborhood, community, and power centers. Multi-tenant, surface parked. Single-tenant considered case by case. |
Geography | Southeast and Sun Belt priority. Secondary and tertiary markets welcome. We will look outside these where the fundamentals justify it. |
Trade area | Growing household counts, constrained new retail supply, durable anchor demand, and drive-time capture that holds up against competing centers. |
Condition | Stabilized, value-add, partially vacant, or deferred maintenance. Vacancy is not a disqualifier. |
Tenant mix | Service, food, fitness, medical, home improvement, furniture, and hard goods. Demand that cannot be shipped in a box. |
Rent roll | Lease expiry spread, option structure, and how much of the income rests on a single tenant. |
Mark to market | The spread between in-place and achievable rent, discounted for the time and capital it takes to get there. |
Physical plant | Roof, parking, and mechanical age priced into the basis rather than discovered after closing. |
Upside | Excess parking, outparcel potential, demising flexibility, and entitlements that allow density to be added. |
Downside case | What the asset does if the anchor leaves. If that answer is unacceptable, the price has to reflect it. |
Structure | All cash, financed, joint venture, or contribution. We can accommodate 1031 timing and seller carry. |
Off-market | Preferred. Confidentiality respected and broker fees protected. |
Where We Add Value After Closing
A center underperforms for identifiable reasons: rents set below market and never corrected, a merchandising mix that stopped matching the trade area, deferred maintenance that reads as neglect to every prospective tenant who tours it, or a dark box nobody has actively marketed in two years.
Those are solvable, and they are usually where the return is. What is not solvable is a trade area with no demand, and part of our underwriting discipline is telling the difference before we buy rather than after.
Re-Tenanting
Backfilling vacancy with operators suited to the actual trade area, rather than holding out for a credit tenant the market will not support.
Rent Correction
Bringing legacy below-market rents to market on renewal, on a schedule tenants can plan around.
Physical Repositioning
Facade, lighting, parking, and signage work that changes what a center signals to a prospective tenant on their first drive-by.
Density and Pad Sites
Converting excess parking into leasable outparcels where zoning, parking ratios, and tenant access allow.
Where we are rarely the best bid is on assets priced for perfection: long flat term, no mark to market, and no physical or density upside left in the site. Those trade efficiently and someone else should own them. Where we win is on assets that reward underwriting judgment, capital, and an operator willing to do the work.
Leasing Space at a 10 Federal Center
If you are looking for retail space, you are dealing with the owner, not a leasing agent working a listing for a landlord they have never met. That shortens the path from tour to signed lease and it means the answers you get on build-out, signage, parking, and timing are answers you can rely on.
What We Can Offer
Junior anchor through small shop space, endcaps, pad sites, and demising flexibility where the building structure allows it. Tell us the footprint and we will tell you honestly whether we have it.
Tenant Improvement
Build-out is scoped and managed by our own construction management group. Allowances and delivery condition are negotiated deal by deal against the lease term.
Who You Deal With
Ownership decisions do not go to an off-site committee. Lease terms, capital requests, and exceptions are decided by people you can reach directly.
Existing Tenants
Maintenance requests, lease questions, and signage approvals run through a single point of contact rather than a rotating vendor call center.
Who We Work With
Brokers
We respond fast, we do not retrade without cause, and we protect your fee. Bring us the deal that fell out of contract twice.
Sellers
Owners looking for a clean exit, including estates, partnerships winding down, and owners whose center needs capital they do not want to spend.
Tenants
National, regional, and local operators looking for space in growing secondary markets, from small shop to junior anchor.
Capital Partners
Funds, family offices, and individual investors seeking exposure to retail through a vertically integrated operator with a reportable track record.
Municipalities
Communities with an underused center and a preference for an owner who will actually invest in it.
The Platform Behind the Portfolio
10 Federal was founded in 2010 and built its reputation by automating an asset class that everyone else insisted required on-site staff. That work produced proprietary technology, a data science practice applied to market selection and underwriting, and two investment funds acquired by institutional buyers, the first by Nuveen and The OB Companies and the second by Brookfield Asset Management. We still manage both.
The retail portfolio runs on that same infrastructure. To be clear about what does and does not carry over: the unattended, fully automated operating model is specific to self storage, where the customer transaction genuinely can be completed without a person. Retail centers are staffed by their tenants and served by a property team that answers the phone. What carries over is the underwriting discipline, the reporting infrastructure, the vendor management, the in-house construction capability, and the marketing team.
If you are looking for third-party management of a self storage facility rather than retail, that is a separate service with its own page: storage management services.
Case Study: Burlington Commons
Acquisition criteria are easier to judge against a real asset. Burlington Commons, a community shopping center in Burlington, North Carolina, is one of the centers in the portfolio and a fair illustration of how a deal clears our underwriting.
Burlington Commons
2401 Eric Lane, Burlington, NC 27215
The center sits directly off Exit 143 on Interstate 40 and Interstate 85, anchoring one of Alamance County's established retail corridors.
Burlington is at the midpoint of that corridor between the Triad and the Research Triangle, roughly 45 minutes from both Greensboro and Durham. The city has drawn steady household growth from residents priced out of those two markets while keeping Labcorp, one of the world's largest clinical laboratory companies, as its anchor employer.
A growing rooftop count against a constrained retail supply is the trade area profile we underwrite toward.
The property was previously marketed as Eric Lane Shopping Center and Cedarock Commons.
219,850
219,850
Sq ft gross leasable area
100%
100%
Leased
5
5
Tenants
I-40 / I-85
I-40 / I-85
Exit 143, direct frontage
Why the Deal Cleared
- Interstate visibility. Extended clear frontage on one of the most heavily trafficked stretches of interstate in North Carolina, with on-site signage.
- Corridor established, not speculative. Eric Lane has functioned as a destination retail corridor for decades. We were not underwriting a trade area that had to be created.
- Excess parking. The parking field is sized well beyond current demand, which creates outparcel and pad site potential without touching existing tenant access.
- Anchor durability. The tenant mix leans toward operators whose customers drive to them on purpose rather than shopping on impulse, a category that has held up through the shifts that hollowed out commodity retail.
- Home market. 10 Federal is headquartered in Raleigh and already operates storage facilities in Burlington, Graham, Haw River, Elon, Gibsonville, and Mebane. This is a market we had been underwriting for years before the center came available.
Our Properties
Burlington Commons
Burlington, North Carolina
Community shopping center off Exit 143 on I-40 and I-85. Home to a national retailer, bridal boutique, church and school campus, and specialty manufacturer.
View propertyCherry Lane Commons
Fort Worth, Texas
Retail center at 1701 S Cherry Lane. Home to Academy Sports + Outdoors and The Picklr, with free surface parking and direct access from South Cherry Lane.
View propertyThe Team
The retail portfolio is led by the same principals, investment team, and operations team that run the rest of the firm.
Brad Minsley
Principal and Cofounder
Cofounded 10 Federal in 2010 and leads operations, finance, and technology. More than 20 years in real estate development and private equity, with a performance-focused approach built on automation, analytics, and operational efficiency.
Jack Sparks
Vice President of Operations
Oversees operational functions across the platform, including field performance, property operations, revenue management, and onboarding. 25 years of leadership experience, including leading the largest optimized district nationwide at Public Storage.
Ian Levin
Vice President of Investments
Leads investment sourcing, acquisitions, and capital markets. More than $500 million in transaction volume across asset classes, using proprietary analytics to guide portfolio expansion and value-add strategy.
Brad Koch
VP of Development
Served as VP of Development at Brookfield Properties, managing a wide range of residential, multifamily, and retail developments.
Why Retail Fits the Way We Operate
Retail spent a decade being written off. The obituary was written for enclosed malls and commodity apparel, then applied indiscriminately to open-air centers serving daily needs in growing suburbs, which is a different business entirely. Meanwhile new retail construction fell sharply and stayed there, so the supply side of the equation has been working in owners' favor for years.
The centers that hold up are the ones anchored by demand that cannot be shipped in a box: service, food, fitness, medical, home improvement, furniture, and hard goods people want to see before they buy. Those are the centers we buy.
The honest counterpoint: retail carries risks storage does not. Anchor exposure is real, tenant credit varies widely, capital requirements are heavier, and re-tenanting a 40,000 square foot box takes quarters rather than weeks. We underwrite to those risks explicitly rather than assuming a growing market covers them, and we pass on more deals than we pursue.
Frequently Asked Questions
Neighborhood and community shopping centers: multi-tenant, surface-parked, open-air retail in growing secondary and tertiary markets. The tenant mix skews toward hard goods, home furnishings, service, fitness, medical, and regional operators rather than commodity apparel.
Availability changes by center. Submit an inquiry through the form on this page with your target market and square footage and we will tell you what we have, including space that has not been listed yet.
Yes, actively. We acquire neighborhood, community, and power centers, with a priority on the Southeast and Sun Belt. Stabilized, value-add, partially vacant, and deferred-maintenance assets are all in scope. Off-market opportunities are preferred and broker fees are protected.
Yes. We respond quickly, we underwrite in house so we can give a real answer rather than a placeholder, and we do not retrade without cause. Broker fees are protected on every transaction.
Same firm, separate portfolio. 10 Federal has operated across multiple asset classes since 2010, including multifamily, self storage, and retail. The retail centers are owned and managed as their own business with their own strategy, tenants, and capital, drawing on the firm's shared acquisitions, development, and asset management teams.
No. The fully automated, unattended model is specific to self storage, where the entire customer transaction can be completed digitally. Retail centers are staffed by their tenants and supported by a property team that tenants can reach directly. What carries over from the storage platform is the underwriting, reporting, vendor management, and construction capability.
Yes, as fee developer and construction manager rather than general contractor. Construction is competitively bid to qualified general contractors while 10 Federal manages planning, permitting, contractor selection, budget, draws, oversight, and the handoff to operations. Our general contractor license is held in North Carolina only.
Since 2010. The firm has acquired, developed, and operated across multifamily, self storage, and retail, and has sold two investment funds to institutional buyers, the first to Nuveen and The OB Companies and the second to Brookfield Asset Management. 10 Federal continues to manage both.
Use the form on this page and select the option that matches your inquiry. Leasing, acquisitions, partnerships, and current tenant requests route to different people, so choosing the right one gets you a faster answer.
Let's Talk
Whether you have space to fill, a center to sell, or capital to place, you will be talking to the people who make the decision, not to someone who has to take it back to a committee.