ELLSWORTH PLACE SOLD TO COMMERCIAL DEVELOPMENT COMPANY FROM TENNESSEE
GBT Realty Corp., a Nashville based developer and real estate investor, has completed its biggest acquisition ever.
According to a news release, GBT and its partners last week paid $92 million for a five-story, 350,000-square-foot urban retail and entertainment center in Silver Spring, Md., which is part of the Washington, D.C., metropolitan area.
The purchase of Ellsworth Place includes air rights for a 250,000-square-foot office building to be built on top of the existing structure.
“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,” Scott Porter, managing director, Capital Holdings, GBT Realty, said in a news release. “GBT was particularly attracted to this property due to its dense, urban setting that drives significant traffic to the center as well as the exceptionally high barriers to entry limiting opportunity for new competitive development. Historically, retail vacancy tracks low and continues to do so as space of any size is in high demand and leases quickly.”
GBT purchased the project in partnership with Cambridge, Mass.-based Equity Resource Investments and Chilean investor Avante Financial Group, according to the news release.
Ellsworth Place is currently 93 percent leased, and is anchored by Marshalls, TJ Maxx, Ross Dress for Less, Burlington and Five Below.
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