{"id":2565,"date":"2022-09-27T05:42:45","date_gmt":"2022-09-27T05:42:45","guid":{"rendered":"https:\/\/listselfstorage.com\/us\/industry-insights\/?p=2565"},"modified":"2022-09-27T17:53:22","modified_gmt":"2022-09-27T17:53:22","slug":"sparebox-storage-strengthens-balance-sheet-with-successful-463-million-refinance-with-bank-of-america","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/sparebox-storage-strengthens-balance-sheet-with-successful-463-million-refinance-with-bank-of-america\/","title":{"rendered":"SpareBox Storage Strengthens Balance Sheet with Successful $463 Million Refinance with Bank of America"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><\/p>\n<header>\n<h1 class=\"epi-fontLg bwalignc\"><strong><em><span style=\"font-size: 16px;\">With 7.4 Million Square Feet in 21 Markets Across Nine States, SpareBox is Poised for Rapid Growth<\/span><\/em><\/strong><\/h1>\n<div class=\"bw-release-subhead\">\n<p class=\"bwalignc\"><strong><em>The Leading Unmanned Operator in Self Storage<\/em><\/strong><\/p>\n<\/div>\n<\/header>\n<div class=\"bw-release-body \">\n<div class=\"bw-release-timestamp\"><time datetime=\"2022-09-22T13:00:00Z\">September 22, 2022 09:00 AM Eastern Daylight Time<\/time><\/div>\n<div><\/div>\n<\/div>\n<p>DENVER&#8211;(<a href=\"https:\/\/www.businesswire.com\/\" rel=\"nofollow\">BUSINESS WIRE<\/a>)&#8211;SpareBox Storage, the leading unmanned operator in the self storage industry, today announced it successfully strengthened its balance sheet with a $462.5 million refinancing with Bank of America. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector, and in just over two years, has acquired 7.4 million square feet of storage assets across nine states and 21 markets. The Company is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures.<\/p>\n<p>SpareBox\u2019s 108-store portfolio is comprised of stores in fast growing markets across nine states: Texas, Michigan, Ohio, Arkansas, Oklahoma, New Hampshire, South Carolina, Florida and Georgia. SpareBox leverages a proprietary platform for contactless rentals and 24\/7 customer service availability, and the Company\u2019s unique unmanned operations improve both customer satisfaction and operational efficiency.<\/p>\n<p>\u201cSelf storage continues to be one of the strongest sectors in commercial real estate,\u201d said Steve Treadwell, CEO of SpareBox Storage. \u201cSince we launched in August 2020, we have outperformed our underwriting and grown rapidly, expanding to 21 markets in nine states across the country. Today, we are the nation\u2019s leading unmanned operator in self storage. We are excited about our growth trajectory in 2023 and beyond as we execute on our strategy of targeting markets with strong demographic fundamentals.\u201d<\/p>\n<p>\u201cWe are gratified with the support of Bank of America, who clearly understands the unique position SpareBox commands in the consolidating self storage industry,\u201d stated Tom Rizk, Chairman and Founder of Rizk Ventures. \u201cAccessing the debt markets and securing a financing of this size in this environment was no easy accomplishment and is testament to the strengths of our platform, our unique and successful operating model in one of the hottest growth categories in real estate led by one of the best management teams in the business. With a strong balance sheet and clear path forward, we look forward to achieving our goals of building a multi-billion company over the next few years.\u201d<\/p>\n<p>\u201cAs we look ahead, we see enormous opportunity to continue acquiring stores within our existing territories, while also expanding into new markets, particularly in the Southeast and Southwest. Self storage is one of the best performing commercial real estate segments, and we are in an ideal position to grow, supported by our sponsors and our lenders and a very strong balance sheet,\u201d Treadwell noted.<\/p>\n<p>According to the Company, self storage demand is growing faster than population or job growth, driven by two durable demographic trends: (1) the accumulation of wealth and the growth of families among Millennials and (2) the residential downsizing of the Baby Boomers. When considering these trends against the backdrop of the work-from-home movement, the explosion of last-mile distribution in commerce, and the continued undersupply of housing stock, self storage is in better shape than ever.<\/p>\n<p><span class=\"bwuline\">SpareBox Storage<\/span><\/p>\n<p>Founded in August 2020, SpareBox Storage is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures, and led by industry veterans Steve Treadwell, Chuck James, and Kate Matheny. SpareBox owns 108 properties in 21 markets across nine states, comprised of approximately 7.4 million square feet.<\/p>\n<p><span class=\"bwuline\">Davidson Kempner Capital Management LP<\/span><\/p>\n<p>Davidson Kempner Capital Management LP is a global investment management firm with more than 39 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $38 billion in assets under management and over 450 employees across six offices: New York, Philadelphia, London, Dublin, Hong Kong and Shenzhen. Additional information is available at:\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.davidsonkempner.com&amp;esheet=52923195&amp;newsitemid=20220922005525&amp;lan=en-US&amp;anchor=www.davidsonkempner.com&amp;index=1&amp;md5=af7e6f0da9695babe588b6ce8bcbd2f5\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" shape=\"rect\">www.davidsonkempner.com<\/a>.<\/p>\n<p><span class=\"bwuline\">Rizk Ventures<\/span><\/p>\n<p>Rizk Ventures is a special situation operating and investment platform with a focus on real estate, technology and healthcare. Rizk Ventures has built operating platforms in the real estate space across a number of sectors both in the United States and Latin America. With more than 30 years of experience across a number of sectors in real estate, the firm currently owns and operates commercial, healthcare and self storage properties across 19 states and the country of Columbia totaling over 25 million square feet. The firm\u2019s suburban commercial office platform \u2013 Workspace Property Trust \u2013 recently acquired 53 suburban office properties valued at $1.132 billion from Griffin Realty Trust.<\/p>\n<p><strong>Contacts<\/strong><\/p>\n<p>Elliot Sloane<br \/>\nThroughCo Communications<br \/>\n<a href=\"mailto:esloane@throughco.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" shape=\"rect\">esloane@throughco.com<\/a><br \/>\n917-291-0833<\/p>\n<p><a href=\"https:\/\/www.businesswire.com\/news\/home\/20220922005525\/en\/SpareBox-Storage-Strengthens-Balance-Sheet-with-Successful-463-Million-Refinance-with-Bank-of-America\">Article<\/a> was originally posted on: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20220922005525\/en\/SpareBox-Storage-Strengthens-Balance-Sheet-with-Successful-463-Million-Refinance-with-Bank-of-America\">www.businesswire.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With 7.4 Million Square Feet in 21 Markets Across Nine States, SpareBox is Poised for Rapid Growth The Leading Unmanned Operator in Self Storage September 22, 2022 09:00 AM Eastern Daylight Time DENVER&#8211;(BUSINESS WIRE)&#8211;SpareBox Storage, the leading unmanned operator in the self storage industry, today announced it successfully strengthened its balance sheet with a $462.5 million refinancing with Bank of America. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector, and in just over two years, has acquired 7.4 million&hellip;<\/p>\n","protected":false},"author":7,"featured_media":540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2565"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=2565"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2565\/revisions"}],"predecessor-version":[{"id":2566,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2565\/revisions\/2566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/540"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=2565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=2565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=2565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}