Bethesda-based Washington Property Company (WPC) Tuesday announced it has acquired a 2.3-acre property in Laurel for $3.5 million with plans to redevelop the site as a three-story, climate-controlled self-storage facility.
The company is planning for a facility with 891 storage units and 12 RV/boat parking spaces at 14435 Cherry Lane Court, which 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-square-foot Harris Teeter grocery store.
The area is easily accessible from the major traffic corridors of Route 1, I-95, Baltimore-Washington Parkway and Interstate 495. WPC’s 108,273-square-foot storage facility will replace an existing 28,000 square feet of 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. The others were The Mark, a 227-unit apartment tower in Alexandria, Virginia, and three low-rise apartment buildings near the University of Maryland, College Park.