DENVER--(BUSINESS WIRE)--SpareBox Storage, a national self storage platform focusing on consolidating the highly fragmented and attractive self-storage market across the US. closed out 2020 with a portfolio acquisition in eastern New Hampshire. SpareBox acquired 12 stabilized self storage properties consisting of 320,000 net rentable square feet and 2,500 units with approximately 85% occupancy. The demographics and growth in this market are highly attractive, and SpareBox has achieved considerable market penetration with this transaction.
Steve Treadwell, CEO of SpareBox Storage said, “With this portfolio transaction, SpareBox continues to execute on our strategy of acquiring quality, stabilized assets in secondary and tertiary markets with attractive demographic trends and positive market fundamentals. We are excited to have such a strong portfolio with which to launch the SpareBox platform in New Hampshire. Our contact-free rentals and our focus on continually improving the customer experience will drive value growth for our New Hampshire stores as well as our broader portfolio. Furthermore, we have great confidence that SpareBox will be able to execute on additional opportunities in the area and build upon our favorable market penetration, while also improving our local operational efficiencies.
“Self storage demonstrated its resilience throughout a tumultuous 2020, and there remain many great acquisition opportunities in smaller markets all across the country. We are in continuous discussions with other owner/operators to add quality properties and new geographies to our portfolio. We look forward to a very active 2021 as we expand the SpareBox footprint.”
SpareBox Storage is sponsored by Rizk Ventures and led by industry veteran Steve Treadwell. SpareBox Storage launched in 2020 with a mission to build a scalable, national self storage company by focusing on clusters of undervalued assets in smaller markets or in the suburbs of larger markets, delivering operational, technology and marketing solutions.
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, as well as Latin America. Founded by Thomas A. Rizk, former CEO of Mack-Cali Realty, 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 and New Hampshire and the country of Colombia, totaling over 11 million square feet.