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 located six miles north of Washington, D.C. Ellsworth Place was 93 percent leased at the time of sale to tenants such as Dave & Buster’s, 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. 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.