01 Sep 2020
NEW YORK--(BUSINESS WIRE)-- Rizk Ventures LLC, founded by Thomas A. Rizk, today announced that it is launching SpareBox Storage, a national self storage platform focusing on consolidating the highly fragmented and attractive self storage market across the US.
Rizk Ventures, a special situation operating and investment platform with a focus on real estate, technology and healthcare, owns and operates more than 10 million square feet of office, light industrial, flex and healthcare real estate across the US. Steve Treadwell, longtime industry executive most recently Chief Operating Officer at publicly traded REIT National Storage Affiliates (NSA) is the Chief Executive Officer.
In connection with the launch of the platform, SpareBox Storage disclosed that it has closed on its first acquisition in Amarillo, Texas. SpareBox acquired 10 stabilized self storage properties with 670,000 net rentable square feet and over 4,000 units with approximately 86% occupancy. All of the properties are in the attractive Amarillo demographic market and account for more than 25% of the total square footage in the Amarillo self storage market.
Tom Rizk, Chairman and Founder of Rizk Ventures and former CEO of Mack-Cali Realty, stated:
“The self storage market has very strong fundamentals, a compelling growth profile and represents a great opportunity to create value and deliver the highest quality service to thousands of consumers and we are excited about adding the self storage platform to our real estate portfolio within Rizk Ventures. With approximately 50,000 stand-alone self storage facilities and approximately 30,000 smaller operators, we see a unique opportunity to acquire high-quality, well-located businesses that require operational improvements, technology and infrastructure investment and create a national platform at scale.
Steve Treadwell, CEO of SpareBox Storage said:
“I’m very excited to join Tom in launching SpareBox Storage. Tom and his team have a deep understanding of the dynamics in play, and they have the ability to leverage their relationships in the capital markets to take advantage of the great opportunities present in the self storage sector today.
SpareBox Storage is a newly-launched self storage platform sponsored by Rizk Ventures and led by industry veteran Steve Treadwell.
Thumbnail: Photo by Life Of Pix from Pexels
