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 four storage properties from multiple sellers in Northwest Arkansas and Spartanburg, South Carolina and has added over 400,000 net rentable square feet to its portfolio. SpareBox continues to grow its platform in Northwest Arkansas and has established a new presence in the rapidly growing Greenville - Spartanburg market.
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 strong demographic fundamentals. We are excited to establish operations in the Greenville - Spartanburg market during this period of extraordinary growth for the Carolinas. We are also proud to have grown our operations in Northwest Arkansas to eight stores during 2021. 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 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 smaller markets or in the suburbs of larger 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 over 16 million square feet of 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.