Ellsworth Place

SILVER SPRING, MD–Nashville-based GBT Realty, along with its partners, has acquired Ellsworth Place from a joint venture between Rockwood Capital and Petrie Richardson Ventures for $92 million. Besides the 350,000-square foot, recently repositioned five-story urban retail center, the sale also included the air rights for a fully entitled office building up to 250,000 square feet, which would be constructed on top of the center.

GBT’s partners in the deal are Cambridge, Mass.-based Equity Resource Investments and Chilean investor Avante Financial Group. Financing was provided by Rialto. NKF’s Robert Griffin, Geoffrey Millerd, Mat Adler, Christian Brannelly and Chris Huesgen repped the building owner and NKF’s Joe Donato and Maury Zanoff secured financing for the new owners. No additional transaction details are available.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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