SpareBox Storage Closes Massive Midwest Acquisition
- Sep 22, 2021
SpareBox Storage has acquired 28 self storage facilities across seven markets in Ohio and Michigan, expanding its portfolio by 1.9 million square feet. Newmark Vice Chairman Aaron Swerdlin and Executive Managing Director Kenneth Cox advised the transaction on behalf of the seller, Berger Realty Group, according to Yardi Matrix data. The company sold its entire self storage portfolio consisting of properties in Detroit, Grand Rapids and Lansing-Ann Arbor, Mich., and Toledo and Cleveland-Akorn, Ohio. U-Store and Stop-N-Store managed the facilities prior to the sale.
Two of the larger assets are in located in metro Detroit:
- a 114,380-rentable-square-foot facility in Walled Lake, Mich., completed in 2019. The property includes climate-controlled units as well as RV and boat storage spaces.
- a 101,887-rentable-square-foot facility in Brighton, Mich., completed in 2016. Storage spaces are non-climate-controlled and the property also includes RV and boat storage.
The transaction, which is the company’s largest purchase yet, brings SpareBox Storage’s footprint to a total of 5.6 million rentable square feet across 91 facilities.
Since entering the market in 2020, the company has been focusing mainly on southern primary and tertiary markets. This year in May, SpareBox Storage expanded its portfolio by some 2,000 units with the acquisition of three properties in Edmond, Okla., and one in Niceville, Fla., from Cross Development.