SpareBox Storage, which operates 91 self-storage facilities in eight states, has acquired 28 properties in Michigan and Ohio, primarily under the Stop-N-Stor and U-Store Self Storage brand names. The portfolio comprises 1.9 million rentable square feet and adds seven Midwest markets to the growing SpareBox footprint, according to a press release.
“We are incredibly proud to complete our largest acquisition to date, with the addition of 28 properties in thriving Midwestern markets,” said CEO Steve Treadwell. “This is a great institutional portfolio that is well-suited for our operational platform, and we’re excited to deliver self-storage innovation to customers across Michigan and Ohio. Our national footprint now includes 91 stores and 5.6 million square feet of rentable space. We remain focused on unique opportunities to work directly with owners and operators to acquire great properties and serve customers in growing markets throughout the Southwest, Southeast and Midwest.”
The seller was represented in the transaction by Kenneth Cox, executive managing director, and Aaron Swerdlin, vice chairman, of the Newmark Self Storage Group, an entity of commercial real estate firm Newmark Group Inc.
Since launching a year ago with the acquisition of 10 facilities in Amarillo, Texas, SpareBox has methodically executed its strategy to build a national self-storage brand “by combining clusters of stabilized assets in secondary and tertiary markets,” the release stated. Since May, the operator has reported multi-site acquisitions every month, including 13 properties in May in South Carolina and Texas, 13 in June in Florida and Oklahoma, 12 in July and August in Arkansas and Texas, and four earlier this month in Arkansas. At launch, company officials announced a portfolio goal of 25 properties within a year.
Launched in August 2020, SpareBox is sponsored by Rizk Ventures, which owns and operates commercial and healthcare properties in eight states as well as Colombia, South America. It has self-storage locations in Arkansas, Florida, Michigan, New Hampshire, Ohio, Oklahoma, South Carolina and Texas.
Valdosta Daily Times, SpareBox Storage Acquires 28 Stabilized Self Storage Properties in Michigan and Ohio