Portfolio Consists of 62 Stores and 3.6 million rentable square feet across 6 States
DENVER, July 26, 2021--(BUSINESS WIRE)--SpareBox Storage, a national self storage platform focused on consolidating the highly fragmented self storage sector across the United States, announced today that it has acquired five stabilized properties in Arkansas and Texas and has added over 500,000 net rentable square feet to its portfolio. SpareBox continues to grow its platform in Texas and has established a strong presence in the dynamic region of Northwest Arkansas.
Steve Treadwell, CEO of SpareBox Storage said, "SpareBox continues to execute on our strategy of building a diversified portfolio of high-quality assets in secondary and tertiary markets with favorable demographic fundamentals. We are excited to establish operations in Northwest Arkansas during this period of rapid and sustainable growth for the region. With this acquisition, Arkansas becomes the sixth state in our portfolio, and our national footprint now consists of 62 stores with over 3.6 million square feet of rentable space. We remain focused on unique opportunities to expand our portfolio and serve customers in growing markets throughout the Southwest, the Southeast and the Midwest."
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 stabilized 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 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, Florida, Minnesota, Arizona, Texas, Oklahoma, Arkansas, South Carolina and New Hampshire as well as the country of Colombia, totaling over 13 million square feet.
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CIO and CFO, SpareBox Storage