SpareBox Storage Reaches 100-Store Milestone

3901 E. University Ave. Image courtesy of SpareBox

SpareBox Storage has reached the firm’s 100-store milestone with two acquisitions, a 96,000-square-foot facility in Georgetown, Texas, and a 36,000-square-foot asset in Weare, N.H., for a combined value of more than $17 million. Since August 2020, the firm has acquired 7 million square feet of storage space across 18 markets.

AAA Storage, set to be rebranded under SpareBox management, was built in two phases, between 2018 and 2021, comprises five buildings with non-climate and climate-controlled units varying from 25 to 375 square feet. Property characteristics include drive-up access to select units, parking spaces and RV and boat parking.

Located at 3901 E. University Ave., in a largely penetrated market, the property is one of the eight available facilities in the area within a 3-mile radius, totaling almost 12 net rentable square feet per capita, above the 6.9 national average.

424 S. Stark Highway. Image courtesy of SpareBox

Completed in four phases between 2016 and 2021, the second asset occupies 6 acres and offers 35,900 net rentable square feet of non-climate-controlled units, ranging from 25 to 400 square feet. The facility also offers RV and boat parking options, ranging from 280 to 700 square feet. Located at 424 S. Stark Highway, the property is the only one available in the area within a 3-mile radius.

Portfolio expansion

SpareBox Storage’s strategy is to target markets with strong demographics and acquire assets that benefit from a technology-focused, institutional-quality management platform. The firm plans to expand its footprint in existing areas and markets across the Southeast and Southwest, mentioned CEO Steve Treadwell in a prepared statement.

SpareBox now holds 101 stores across eight states. At the end of last year, the company acquired 28 assets across seven markets in Ohio and Michigan, totaling 1.9 million square feet, and other four facilities in Greater Austin and Rogers, Ark.