DENVER--(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 28 stabilized properties in Michigan and Ohio and has added 1.9 million net rentable square feet to its portfolio. With this acquisition, SpareBox has opened up seven new markets in the Midwest with strong underlying fundamentals and demographics.
Steve Treadwell, CEO of SpareBox Storage noted, “We are incredibly proud to complete our largest acquisition to date, with the addition of 28 properties in thriving midwestern markets. This is a great institutional portfolio that is well-suited for our operational platform, and we’re excited to deliver self storage innovation to customers across Michigan and Ohio. Our national footprint now includes 91 stores and 5.6 million square feet of rentable space. We remain focused on unique opportunities to work directly with owners and operators to acquire great properties and serve customers in growing markets throughout the Southwest, the Southeast and the Midwest.”
Newmark’s Aaron Swerdlin and Kenneth Cox, co-heads of the Newmark Self Storage Group, represented the seller on the transaction. “The strength of the portfolio, given the quality of well-maintained assets and immediate cash flow, created an attractive investment opportunity that will provide consistent revenue growth for many years. The offering was highly competitive and SpareBox was extremely diligent and professional,” mentioned Cox. “It’s rare to find concentrated geographic mass like this portfolio,” commented Swerdlin. “The opportunity to expand into new markets with a meaningful foundation of assets was extremely attractive to the market and we’re excited to see SpareBox broaden the markets into which it will continue to target growth. I echo Kenneth’s comment that the SpareBox team was great to work with and were very professional buyers.”
SpareBox Storage is sponsored by Rizk Ventures and led by industry veterans Steve Treadwell, Chuck James, and Kate Matheny. The company was launched in 2020 with a mission to build a scalable, national self storage company by combining clusters of stabilized assets in secondary and tertiary markets. SpareBox creates 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, New Hampshire, Michigan, Ohio, Minnesota, Arizona, Texas, Oklahoma, Arkansas, South Carolina, and Florida, as well as the country of Colombia, totaling over 15 million square feet.
Newmark is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Newmark’s Self Storage Group has completed nearly $2 billion in transaction volume in the last 18 months. The group provides clients with a single-source solution for every phase of a self-storage transaction, from strategic planning, value enhancement, pre-marketing consulting and operations analysis to dispositions, debt placement, proprietary lending and equity assignments.