Washington Property Company (WPC) has acquired a 2.3- acre property in Laurel, MD for $3.5 million. The company plans to redevelop the site as a three-story, climate-controlled self-storage facility with 891 storage units and 12 RV/boat parking spaces.
Located at 14435 Cherry Lane Court, the site is less than a quarter mile from Towne Centre at Laurel, a 392,500 square foot mixed-use shopping center anchored by a 50,000 SF Harris Teeter grocery store. The area is easily accessible from the major traffic corridors of Route 1, I-95, Baltimore-Washington Parkway, and I-495. WPC’s 108,273 SF storage facility will replace an existing 28,000 SF office building on the site.
Dan Gaffey and Bob Filley of Marcus & Millichap assisted the seller in the off-market transaction.
This is the last of three acquisitions totaling $70.2 million that WPC closed in December 2021. The others were:
- The Mark, a 227-unit apartment tower in Alexandria, VA.
- Three low-rise apartment buildings near the University of Maryland-College Park
“These transactions represent an expansion of WPC’s portfolio in two important sectors,” said Quinn Rounsaville, WPC Senior Vice President of Acquisitions. “For the first time, we’re acquiring existing multifamily properties that we plan to renovate. And with our Laurel acquisition, we’re building on the success of two recently completed self-storage facilities in Rockville, MD.” Rounsaville added that WPC is looking to acquire additional multifamily communities and sites that are suitable for development of self-storage facilities.
Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management. WPC has developed more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development. WPC is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space.
