SpareBox Storage, a Denver-based storage operator, purchased four stabilized facilities in Oklahoma and Florida.
Purchased from multiple sellers, the additional properties brings SpareBox Storage’s total portfolio to include 41 stores in five states spanning more than two million square feet. The latest news follows the addition of 13 properties in South Carolina and Texas earlier this month, which were also purchased from multiple sellers.
The startup launched in 2020 with the goal of amassing a billion dollar storage portfolio. The firm’s sponsor is Rizk Venutres.
SpareBox CEO Steve Treadwell said the self-storage sector is performing exceedingly well so far in 2021, making it one of the best commercial real estate investments to make right now.
“SpareBox is aggressively pursuing great acquisitions in small and mid-sized markets throughout the country. We love working with other owners and operators to effect favorable transactions and enter promising new markets,” Treadwell said. “Our acquisition pipeline is robust, and we are excited to continue growing the SpareBox portfolio.”
Al Harris
Alexander Harris is a reporter covering the business of self-storage. He obtained his degree in journalism from Virginia Commonwealth University. He loves reading Elmore Leonard novels and listening to classic country music. You can call him Al.