Silver Star hires CEO in self-storage push

Steve Treadwell brings expertise for firm’s repositioning

Silver Star Properties' new CEO Steve Treadwell (Getty, LinkedIn, SpareBox)

Silver Star Properties’ new CEO Steve Treadwell (Getty, LinkedIn, SpareBox)

Silver Star REIT’s transition to self-storage is getting real.

The Houston-based REIT hired self-storage pro Steve Treadwell as CEO. The decision comes as part of the company’s efforts to transition its entire 6.8 million-square-foot portfolio into the self-storage sector. 

The firm owns 44 commercial properties across the Texas Triangle. Its plans to shift its portfolio came to light in a May SEC filing that cited financial difficulties amid economic woes and distress that has shaken the commercial real estate market. Its holdings include three industrial complexes, 12 retail centers and 29 office buildings.

Treadwell had served as CEO of Denver-based self-storage firm SpareBox Storage since its 2020 inception. He also brings experience managing a REIT with his prior six-year tenure at National Storage Affiliates, a publicly traded self-storage REIT, where he served as COO and executive vice president. 

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The self-storage industry saw a burst sales volume surge due to pandemic-induced economic factors. The sector grew by 80 percent in 2021, reaching nearly $24 billion, according to Real Capital Analytics

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Silver Star sold three office buildings with a combined estimated appraisal value of over $50 million, in June. The firm has been selling property to create a solid financial base prior to refinancing its SASB Loan, which is expected to close around Sept. 1. The company expects this refinancing will grant the company a loan-to-value ratio of approximately 50 percent, according to a news release. 

Upon securing the refinancing of the SASB Loan, the company anticipates having about $400 million available for investment in the repositioning.