SpareBox Storage Expands in Oklahoma, Florida
- May 31, 2021
SpareBox Storage has purchased four self storage properties from multiple sellers. Three of the facilities are in Edmond, Okla., while the fourth is in Niceville, Fla. Overall, the portfolio is 93 percent leased.
The Edmund transactions mark SpareBox Storage’s entry into the Oklahoma market. To complete the acquisitions, the company took up a $12.8 million loan originated by Yorktown Bank, Yardi Matrix data shows. All three Edmond properties were previously managed by Extra Space Storage. These include:
- A facility on 1008 Waterwood Parkway, located across the street from the Central University of Oklahoma. The property offers both climate- and non-climate-controlled units with drive-up access, ranging in size from 25 to 500 square feet.
- SpareBox Storage at 100 W. Danforth Road, which includes 25- to 400-square-foot storage spaces, with a climate control option for the smaller units. The property also offers uncovered parking storage.
- The property on 620 W. Edmond Road, which includes both climate- and non-climate-controlled units, ranging from 50 to 600 square feet. The facility is part of the W. Edmond Road retail corridor that encompasses The Kelly shopping center and a variety of restaurants.
The Niceville facility marks the second Florida asset in the company’s portfolio. Located at 4592 FL-20, the property offers 50 to 250-square-foot units, both climate- and non-climate controlled.
Self storage demand remains strong
The newly purchased properties offer a combined 306,000 net rentable square feet across more than 2,000 units, bringing SpareBox Storage’s portfolio to nearly 2 million square feet acroos more than 12,000 units. Since its launch in 2020, the company has acquired 41 self storage facilities across Oklahoma, Texas, South Carolina, New Hampshire and Florida.
SpareBox Storage is not the only company benefiting from the self storage market’s momentum. Across the U.S., street-rate rents for 10×10 climate-controlled units saw a 9.5 percent uptick, while non-climate-controlled units performed nearly as well, with an 8 percent year-over-year increase as of April, Yardi Matrix data shows.