GBT, Partners Acquire Retail, Entertainment Center in Metro D.C. for $92M
SILVER SPRING, MD. — GBT Realty Corp., in partnership with Equity Resource Investments and Avante Financial Group, has acquired Ellsworth Place, a five-story retail and entertainment center in Silver Spring, for $92 million. Newmark Knight Frank arranged the transaction on behalf of the seller, a joint venture between Rockwood Capital and Petrie Richardson Ventures. Rialto provided acquisition financing. The 350,000-square-foot property spans a city block and is bordered by Fenton Street, Ellsworth Drive and Colesville Road, roughly six miles north of Washington, D.C. Ellsworth Place was 93 percent leased at the time of sale to tenants such as Marshalls, T.J. Maxx, Ross Dress for Less, Burlington, Five Below, Forever 21 Red, Foot Locker, Chipotle Mexican Grill, MOD Pizza and Ben & Jerry’s. Dave & Buster’s tops the building. The acquisition also includes air rights approved for up to 250,000 square feet of office space. Ellsworth Place features direct access to public parking via a pedestrian bridge and is located three blocks from the Silver Spring Metro station.