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 seven stabilized properties in Waco, Texas and added over 700,000 net rentable square feet to its portfolio. SpareBox continues to grow its platform in Texas and has established a strong presence in the rapidly growing Waco 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 favorable demographic fundamentals. We are excited to serve the vibrant Waco market with a premium portfolio of stabilized stores. Our national footprint now consists of 57 stores across Texas, Oklahoma, New Hampshire, South Carolina and Florida, with over 3 million square feet of rentable space.
“The self storage sector continues its generational transformation, as operators consolidate ownership and find new ways to engage with and serve our customers. SpareBox is leading this transformation in small and mid-sized markets throughout the country, as we work with owners and operators to effect favorable transactions and to enter promising new markets like Waco. Our acquisition pipeline keeps getting stronger, 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 over 13 million square feet.