Ellsworth Place Officially Under New Management

Ellsworth Place in downtown Silver Spring is officially under new management and ownership, according to a post on the mall’s Facebook page.

GBT Realty Corp., based in Brentwood, Tenn., has taken over the shopping center at 8661 Colesville Rd. following the sale of the building, announced in July.

Petri Richardson Ventures put the center formerly known at City Place on the market in May of 2017. The company acquired ownership and management of the mall in 2012 in a joint venture with Rockwood Capital.

In addition, the new management announced that Five Below is now open in the mall.

The company, which has its headquarters in Philadelphia, operates more than 725 stores around the country, specializing in selling a variety of items for $5 of less. David Schlessinger, creator and founder of Encore Books and Zany Brainy, along with Tom Vellios, former CEO of Zany Brainy, founded the chain.

The first Five Below opened in 2002.

Photo by Mike Diegel

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