The remodeled mall is now for sale. Photo by Mike Diegel.
Ellsworth Place in downtown Silver Spring is for sale.
News of the offering was included in an email circulated by Newmark Grubb Knight Frank announcing the company had been “exclusively retained” to sell the property. A copy of the email was obtained by Source of the Spring.
Newmark Knight Grubb Frank is a global commercial real estate advisory firm with more than 400 offices on six continents. The Silver Spring property is being marketed by the company’s Boston-based Capital Markets Group.
Ellsworth Place, originally known as City Place, is currently owned by Petri Richardson Ventures. The company acquired ownership and management of the 350,000-square-foot mall in 2012 in a joint venture with Rockwood Capital.
Since then the company has undertaken an extensive remodeling and rebranding effort (reported to cost $75 million), adding major retailers such as Michael’s, Ross Dress for Less, Guitar Center, and T.J.Maxx to join long-time anchors Burlington Coat Factory and Marshall’s.
In addition, the company expanded the mall’s restaurant and entertainment attractions by adding Dave & Buster’s and Not Your Average Joe’s.