Photo of Ellsworth Place by Mike Diegel
Ellsworth Place, located at 8661 Colesville Rd., has been sold to a Tennessee-based company for $92 million, according to reports.
GBT Realty Corp., a commercial real estate company in Brentwood, Tenn., in partnership with Equity Resource Investments and Avente Financial Group., acquired the 350,000-square-foot shopping center. The sale includes the right to build 250,000 square feet of office space above the mall. The news was first reported by GlobeSt.com.
The outlet wrote, “The strength of the Silver Spring market along with the prominence of Ellsworth Place significantly increases the overall strength of our Capital Holdings portfolio of value-add and core-plus commercial properties across the Sun Belt and Mid-Atlantic,” quoting Scott Porter, managing director, Capital Holdings, GBT Realty, from a statement.
Porter added that the company expected to renegotiate leases to “current market levels” as they expire.
The mall, once known as City Place, is anchored by Marshall’s, TJ Maxx, Ross Dress for Less, Burlington and Dave & Buster’s, and includes outlets from national brands such as Michael’s and Guitar Center.
Ellsworth Place was put on the market in May of 2017 by Petri Richardson Ventures. The company acquired ownership and management of the mall in 2012 in a joint venture with Rockwood Capital.