SpareBox Storage Strengthens Balance Sheet with Successful $463 Million Refinance with Bank of America

With 7.4 Million Square Feet in 21 Markets Across Nine States, SpareBox is Poised for Rapid Growth

The Leading Unmanned Operator in Self Storage

DENVER–(BUSINESS WIRE)–SpareBox Storage, the leading unmanned operator in the self storage industry, today announced it successfully strengthened its balance sheet with a $462.5 million refinancing with Bank of America. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector, and in just over two years, has acquired 7.4 million square feet of storage assets across nine states and 21 markets. The Company is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures.

SpareBox’s 108-store portfolio is comprised of stores in fast growing markets across nine states: Texas, Michigan, Ohio, Arkansas, Oklahoma, New Hampshire, South Carolina, Florida and Georgia. SpareBox leverages a proprietary platform for contactless rentals and 24/7 customer service availability, and the Company’s unique unmanned operations improve both customer satisfaction and operational efficiency.

“Self storage continues to be one of the strongest sectors in commercial real estate,” said Steve Treadwell, CEO of SpareBox Storage. “Since we launched in August 2020, we have outperformed our underwriting and grown rapidly, expanding to 21 markets in nine states across the country. Today, we are the nation’s leading unmanned operator in self storage. We are excited about our growth trajectory in 2023 and beyond as we execute on our strategy of targeting markets with strong demographic fundamentals.”

“We are gratified with the support of Bank of America, who clearly understands the unique position SpareBox commands in the consolidating self storage industry,” stated Tom Rizk, Chairman and Founder of Rizk Ventures. “Accessing the debt markets and securing a financing of this size in this environment was no easy accomplishment and is testament to the strengths of our platform, our unique and successful operating model in one of the hottest growth categories in real estate led by one of the best management teams in the business. With a strong balance sheet and clear path forward, we look forward to achieving our goals of building a multi-billion company over the next few years.”

“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 continued undersupply of housing stock, self storage is in better shape than ever.

SpareBox Storage

Founded in August 2020, SpareBox Storage is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures, and led by industry veterans Steve Treadwell, Chuck James, and Kate Matheny. SpareBox owns 108 properties in 21 markets across nine states, comprised of approximately 7.4 million square feet.

Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with more than 39 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $38 billion in assets under management and over 450 employees across six offices: New York, Philadelphia, London, Dublin, Hong Kong and Shenzhen. Additional information is available at:

Rizk Ventures

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. With more than 30 years of experience across a number of sectors in real estate, the firm currently owns and operates commercial, healthcare and self storage properties across 19 states and the country of Columbia totaling over 25 million square feet. The firm’s suburban commercial office platform – Workspace Property Trust – recently acquired 53 suburban office properties valued at $1.132 billion from Griffin Realty Trust.


Elliot Sloane

ThroughCo Communications

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