SpareBox Storage Acquires Nine Stabilized Self Storage Properties in Oklahoma
SpareBox Storage, a national self storage platform focused on consolidating the highly fragmented self storage sector across the United States, announced today that is has acquired nine stabilized properties from multiple sellers in Oklahoma City and outlying markets. Combined, these properties are comprised of approximately 420,000 net rentable square feet with over 85% occupancy. SpareBox continues to grow its presence in Oklahoma City, while also adding stores in complementary tertiary markets surrounding Oklahoma City.
Steve Treadwell, CEO of SpareBox Storage said, "SpareBox continues to execute on our strategy of building a diversified portfolio of high-quality, stabilized assets in secondary and tertiary markets with great demographic fundamentals. We are bullish on Oklahoma and we are pleased to significantly grow our presence with the addition of these nine stores. Our portfolio now consists of 50 stores across Oklahoma, Texas, New Hampshire, South Carolina and Florida, with nearly 2.4 million square feet of rentable space.
"The self storage sector is in an exciting phase of operational transformation, as operators consolidate ownership and find new ways to engage with and serve our customers. SpareBox is enthusiastically leading this transformation in small and mid-sized markets throughout the country. We love working with other owners and operators to effect favorable transactions and to enter promising new markets. Our acquisition pipeline is stronger than ever, and we are excited to continue growing the SpareBox portfolio."
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, South Carolina and New Hampshire as well as the country of Colombia, totaling 12 million square feet.
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