Portfolio Consists of 37 Stores across Texas, New Hampshire, South Carolina and Florida
DENVER–(BUSINESS WIRE)–SpareBox Storage, a national self storage platform focused on consolidating the highly fragmented self storage market across the United States, announced today that is has acquired 13 stabilized properties in Myrtle Beach, South Carolina and Amarillo, Texas from multiple sellers. Combined, these properties are comprised of approximately 330,000 net rentable square feet and 2,500 units with over 88% occupancy. The South Carolina portfolio acquisition opens a promising new market for SpareBox in one of the fastest growing markets in the nation, while enhancing the geographic diversification of the portfolio. The Amarillo acquisition is a perfect complement to the portfolio of Amarillo properties that SpareBox has previously acquired, and it delivers incremental operating efficiencies within the Amarillo market.
Steve Treadwell, CEO of SpareBox Storage said, “These acquisitions underscore SpareBox’s strategy in building a diversified portfolio of high-quality, stabilized assets in secondary and tertiary markets with great demographic fundamentals. Our portfolio now consists of 37 stores across Texas, New Hampshire, South Carolina and Florida, with over 10,000 units and nearly 1.6 million square feet of rentable space. We remain focused on operational efficiencies, and our contact-free rentals and relentless improvement of the customer experience will continue to deliver value for our customers and for our broader portfolio.
“Self storage remains a standout performer among all real estate sectors in 2021, and SpareBox is aggressively pursuing great acquisition opportunities in small and mid-sized markets all across the country. We love working with other owners and operators to effect favorable transactions and add quality properties and new markets to our portfolio. Our pipeline of 2021 acquisitions is very robust and we look forward to continued expansion of the SpareBox footprint.”
SpareBox Storage is sponsored by Rizk Ventures and led by industry veteran Steve Treadwell. The company was launched in 2020 with a mission to build a scalable, national self storage company by combining clusters of undervalued assets in smaller markets or in the suburbs of larger markets. SpareBox reveals value in its portfolio by delivering operational, technology and marketing solutions through an institutional management platform.
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, as well as 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, Florida, Minnesota, Arizona, Texas, South Carolina and New Hampshire and the country of Colombia, totaling over 11 million square feet.