Its portfolio comprises more than 10 million square feet
August 30, 2020: Rizk Ventures LLC announced the launch of SpareBox Storage, a national self storage platform focusing on consolidating the highly fragmented and attractive self-storage market across the US. The company intends to create a national operating brand by amassing $1 billion in assets. SpareBox Storage has an initial equity commitment of $200 million from an institutional investor and Rizk Ventures, and an acquisition financing facility of as much as $500 million.
As per the founder Thomas A. Rizk , SpareBox Storage has already acquired 10 facilities in the Amarillo, Texas, market that comprise 670,000 net rentable square feet in more than 4,000 units. It expects to purchase 15 more properties within the next year, founder Thomas A. Rizk told the source.
“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 standalone 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.” Thomas A. Rizk, said in a press release.
SpareBox Storage is a newly-launched self storage platform sponsored by Rizk Ventures. SpareBox is led by industry veteran Steve Treadwell. The company’s mission is to acquire and build a scalable, national self-storage company by focusing on clusters of undervalued assets in smaller markets or in the suburbs of larger markets, delivering operational, technology and marketing solutions.
Rizk Ventures’ real estate interests span the United States and Latin America. It has more than 30 years of real estate experience and currently operates commercial and healthcare properties in Arizona, Florida, Minnesota and Pennsylvania, as well as Colombia. It has a portfolio of more than 10 million square feet.