August 11, 2023

3 Min Read
Silver Star Properties REIT Hires Self-Storage Veteran to Lead Entrance to the Industry

Silver Star Properties REIT Inc., a publicly registered, non-traded real estate investment trust, has hired self-storage veteran Steve Treadwell as CEO. Starting on Aug. 21, Treadwell will help lead the company’s previously announced shift away from light-industrial, office and retail assets to pursue self-storage opportunities.

“We are thrilled to have Steve Treadwell join as CEO,” said Gerald Haddock, chair of Silver Star’s executive committee. “This is a significant milestone for the company as we continue to reposition our asset base into self-storage. As a corporate problem-solver, Steve will leverage his extensive self-storage industry experience, his exceptional vision and his outstanding management skills to significantly accelerate our transition and help us strengthen our portfolio.”

Treadwell spent the last three years as CEO of SpareBox Storage, which specializes in remotely managed self-storage facilities. Launched in 2020, the company has a portfolio comprising more than 100 locations across nine states, according to a press release.

Prior to SpareBox, Treadwell spent six years with publicly traded REIT National Storage Affiliates Trust, serving in various roles including chief operating officer. His career also includes five years in finance and treasury management with ProLogis, a San Francisco-based REIT, the release stated.

“I’m honored to have this unique opportunity to join the Silver Star team and lead the transition to a self-storage strategy,” Treadwell said. “We are well-positioned to strengthen our balance sheet and consistently create value for our shareholders.”

Treadwell replaces Mark Torok, who resigned in April.

“We have been diligently preparing the foundation for Steve’s arrival by generating cash for our transition through property sales, which will be instrumental as we look to close on the refinancing of our SASB [single-asset single-borrower] loan around Sept 1,” said David Wheeler, president of Silver Star.

Once the refinancing of the SASB loan closes, Silver Star expects to have a loan-to-value ratio of about 50% and approximately $400 million to invest in its repositioning and listing on an “established exchange,” according to the release.

“It is important that throughout our selling process that the management team has been adeptly dealing with the complexities of 1031-exchange transactions in order to save tax dollars on the sale of assets,” Haddock said. “We believe Steve’s leadership and our refinancing will significantly advance our repositioning efforts.”

Treadwell began his professional career in the U.S. Air Force, where he served 11 years as an officer and instructor pilot. He holds a bachelor’s degree in electrical engineering from the U.S. Air Force Academy, a master’s degree in aeronautical engineering from the Massachusetts Institute of Technology and a Master of Business Administration from Harvard University.

Founded in 1983 and headquartered in Houston, Silver Star has experience in the acquisition, ownership, management and leasing of commercial-office, light-industrial, retail, self-storage and warehouse properties, primarily in Texas. It changed its name from Hartman Short Term Income Properties XX Inc. in December 2022.

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