Self-Storage Operator SpareBox Names New CEO, President

SpareBox Storage, which operates 108 remote-managed self-storage facilities, promoted cofounder Kate Matheny to chief executive officer from the positions of chief financial and chief investment officer. Fellow cofounder Chuck James will serve as president in addition to his current role as chief operating officer (COO), a position he’s held for three years, according to a press release.

Prior to joining SpareBox in 2021, Matheny served as CEO of Flatirons Asset Management for two years. Before that, she was chief financial officer for Red Dot Storage, which operates more than 100 facilities nationwide.

James was also previously employed with Red Dot Storage. He served as COO beginning in 2017, then as president and CEO for a year until joining SpareBox in 2020.

“Kate and Chuck are recognized leaders in the self-storage industry, and we look forward to the future of the company under their leadership,” said Tom Rizk, chairman and founder of Rizk Ventures, which owns SpareBox in a joint venture with Davidson Kempner Capital Management LP.

“I’m excited to assume the role of CEO at SpareBox, working closely with Chuck and the rest of our talented team to deliver value for our customers in the markets we serve,” Matheny said. “Equally exciting is the prospect of leveraging our proprietary technology platform to serve the dual purpose of driving operational efficiencies and facilitating ease of use for our customers. The future is extremely bright for SpareBox as we seek to not only continue our roll-up strategy of self-storage facilities but our soon-to-be-released software platform for self-storage operators around the country.”

“I’ve had the fortunate opportunity to work closely with Kate as well as our entire management team for a long time, and she is a world-class operator and leader with a dedicated track record of delivering success for a wide array of stakeholders,” James said. “Since we founded SpareBox in 2020, our properties have outperformed our expectations, which is a testament to our strong underwriting practices, our experienced team and the integration of our proprietary technology platform. The self-storage business remains one of the leading segments of the broader real estate industry, and we look forward to continuing to capitalize on opportunities across the sector.”

Founded in August 2020, SpareBox owns 7.4 million square feet of storage in nine states.