Washington Property Co. (WPC), a Bethesda, Md.-based commercial and residential real estate firm, recently converted an 82,000-square-foot office building in Rockville, Md., to a self-storage facility. Branded as CubeSmart, the four-story building at 4 Research Place comprises 715 climate-controlled units. The top two floors have elevator access, while the bottom two levels are at grade, according to the source. The facility is open for business.
This is CubeSmart’s first Rockville location, though the operator has several self-storage facilities in the Washington, D.C., metro market, according to its website.
Based in Bethesda, Md., WPC specializes in property acquisitions, development, financing, leasing and property management, among other services, according to its website. The company also recently acquired an office building adjacent to the CubeSmart facility in a joint venture with investment manager Alex Brown Realty Inc. for $17 million, the source reported.
CubeSmart is a self-storage real estate investment trust and third-party management company. It owns or manages 741 self-storage facilities across the United States. Its operating portfolio comprises 49.1 million square feet.