SpareBox Storage Surpasses 100-Store Milestone Following 2 Acquisitions

SpareBox Storage, which operates self-storage facilities in eight states, has passed the 100-store milestone following the purchase of two facilities for $17 million from separate sellers. The properties are in Weare, New Hampshire, and Georgetown, Texas. The company has acquired nearly 7 million square feet of storage since launching in August 2020, according to a press release.

The 36,000-square-foot facility in Weare is west of Manchester, New Hampshire. SpareBox now operates 13 locations in the state. The Georgetown facility is north of Austin, Texas, and comprises 96,000 square feet. SpareBox operates three additional facilities in the region.

“We’re proud to see our brand grow so quickly, and we’re earning our place as a top operator in the rapidly consolidating self-storage sector,” said CEO Steve Treadwell. “Our strategy remains consistent as we target markets with strong demographic fundamentals and we purchase assets that will benefit from a technology-forward, institutional-quality management platform. Furthermore, our geographic clustering of assets for operational efficiency is paying great dividends for both our customers and our investors.”

SpareBox will continue acquiring storage properties within its existing territories and expand into new markets, particularly in the Southeast and Southwest, Treadwell said. “Self-storage is one of the best-performing commercial real estate segments, and we are in an ideal position to grow, supported by our sponsors and our lenders and a very strong balance sheet.”

Founded in August 2020, SpareBox is sponsored by Rizk Ventures and led by Chuck James, Kate Matheny and Treadwell. It operates 101 locations in Arkansas, Florida, Michigan, New Hampshire, Ohio, Oklahoma, South Carolina and Texas.

Source: Business Wire, SpareBox Storage Surpasses 100 Store Milestone Less Than 18 Months After Launch