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SpareBox Storage Acquires 4 Stabilized Self Storage Properties in Austin TX and Northwest AR

·2-min read

Portfolio Consists of 95 Stores and 6.3 million rentable square feet across 8 States

DENVER, October 26, 2021--(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 four stabilized properties from multiple sellers in Austin TX and Rogers AR and has added 700,000 net rentable square feet to its portfolio. SpareBox continues to grow its platform in Northwest Arkansas and has established a new presence in the rapidly growing market of Austin TX.

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 establish operations in the Austin market during this period of extraordinary growth and transformation for Central Texas. We are also pleased to announce the addition of a fifth store in the vibrant region of Northwest Arkansas. We remain focused on unique opportunities to expand our portfolio and serve customers in growing markets throughout the Southwest, the Southeast and the Midwest."

SpareBox Storage is sponsored by Rizk Ventures and led by industry veterans Steve Treadwell, Chuck James, and Kate Matheny. 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 creates 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, New Hampshire, Michigan, Ohio, Minnesota, Arizona, Texas, Oklahoma, Arkansas, South Carolina, and Florida as well as the country of Colombia, totaling 16 million square feet.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005039/en/

Contacts

Kate Matheny
Chief Investment Officer, SpareBox Storage
InvestorRelations@SpareBoxStorage.com

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