SpareBox Storage Surpasses 100 Store Milestone Less Than 18 Months After Launch
Reaches Critical Mass with Nearly 7 Million Square Feet In Rapidly Consolidating Sector
Focus on Growth Markets in the Southeast, Southwest, and Midwest
DENVER–(BUSINESS WIRE)–SpareBox Storage today announced it has passed the 100-store milestone with the acquisition of stores in the Austin, Texas and Manchester, New Hampshire markets. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector. In fewer than 18 months since launching in August 2020, SpareBox has acquired almost seven million square feet of storage assets across eight states and 18 markets.
SpareBox’s two most recent transactions were purchased from different sellers, with an aggregate value of over $17 million. The Company acquired a 96,000 square foot store in Georgetown, Texas, just north of Austin in one of the fastest growing submarkets in the country. This acquisition is SpareBox’s fourth store in Austin, and it complements the Company’s existing presence in that market. The Company also acquired a 36,000 square foot store in Weare, New Hampshire, west of Manchester. It is the Company’s 13th store in New Hampshire, solidifying SpareBox’s leadership position as one of the strongest operators in the state. Both properties were recently expanded and will be fully stabilized under SpareBox management.
SpareBox’s 101-store portfolio is comprised of stores in fast growing secondary and tertiary markets, plus the suburbs of primary markets across eight states: Texas, Michigan, Ohio, Arkansas, Oklahoma, New Hampshire, South Carolina and Florida. SpareBox is a leading storage operator, leveraging a proprietary platform for contactless rentals and 24/7 customer service availability. The Company’s unique unmanned platform improves customer satisfaction and operational efficiency, and it has been proven successful in driving occupancy and revenue gains very quickly after full integration of newly acquired stores.
Steve Treadwell, CEO of SpareBox Storage, said, “In just 18 months, we have reached critical mass with our portfolio and our operations, acquiring 101 stores and nearly seven million square feet. We’re proud to see our brand grow so quickly, and we’re earning our place as a top operator in the rapidly consolidating self storage sector. Our strategy remains consistent as we target markets with strong demographic fundamentals and we purchase assets that will benefit from a technology-forward, institutional-quality management platform. Furthermore, our geographic clustering of assets for operational efficiency is paying great dividends for both our customers and our investors.
“As we look ahead, we see enormous opportunity to continue acquiring stores within our existing territories, while also expanding into new markets, particularly in the Southeast and Southwest. Self storage is one of the best performing commercial real estate segments, and we are in an ideal position to grow, supported by our sponsors and our lenders and a very strong balance sheet.” Treadwell noted.
According to the Company, self storage demand is growing faster than population or job growth, driven by two durable demographic trends: (1) the accumulation of wealth and the growth of families among Millennials and (2) the residential downsizing of the Baby Boomers. When considering these trends against the backdrop of the work-from-home movement, the explosion of last-mile distribution in commerce, and the addition of over $30 trillion of assets to the balance sheets of American consumers, the self storage sector is in better shape than ever.
Founded in August 2020, SpareBox Storage is sponsored by Rizk Ventures and led by industry veterans Steve Treadwell, Chuck James, and Kate Matheny. SpareBox owns 101 properties in 18 markets across eight states, comprised of approximately seven million square feet.
Rizk Ventures is a special situation operating and investment platform with a focus on real estate, technology and healthcare. Rizk Ventures has built operating platforms in the real estate space across a number of sectors both in the United States and Latin America. Founded by Thomas A. Rizk, the firm has over 30 years of experience in real estate and currently owns and operates commercial and healthcare properties across Pennsylvania, New Hampshire, Michigan, Ohio, Minnesota, Arizona, Texas, Oklahoma, Arkansas, South Carolina, and Florida, as well as the country of Colombia, totaling over 16 million square feet.
Contacts
Elliot Sloane
ThroughCo Communications
esloane@throughco.com
917-291-0833