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 stabilized properties from multiple sellers in Edmond, Oklahoma and Niceville, Florida. Combined, these properties are comprised of approximately 306,000 net rentable square feet and over 2,000 units with 93% occupancy. The Edmond portfolio acquisition opens a promising new market for SpareBox in the rapidly growing Oklahoma City metro area, while also enhancing the geographic diversification of the portfolio. The Niceville acquisition is a great addition to the SpareBox presence in the coveted Florida panhandle market.
Steve Treadwell, CEO of SpareBox Storage, said, “With these acquisitions, 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. Our portfolio now consists of 41 stores across Oklahoma, Texas, New Hampshire, South Carolina and Florida, with over 12,000 units and nearly 2 million square feet of rentable space. We remain focused on delivering value for our customers through contact-free rentals and relentless improvement of the customer experience.
“The self storage sector is performing exceedingly well in 2021, and it represents the best opportunity in commercial real estate investment. 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. Our acquisition pipeline is robust, 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 undervalued 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 over 11 million square feet.