Rue 21, Kung Fu Tea Sign Long-Term Leases at Ellsworth Place
SILVER SPRING, Md. (May 4, 2016) – Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today that Rue 21 and Kung Fu Tea signed long-term leases at Ellsworth Place.
Rue 21, taking 7,000 square feet adjacent to Forever 21 Red on Level Three, has multiple locations throughout the region, with this store the closest location to Washington, D.C. Kung Fu Tea, taking 940 square feet on Level Two, specializes in bubble tea and has three other Maryland locations. Both stores will open late Summer/early Fall of this year.
“Both of these new retailers add tremendously to the eclectic experience we are creating at Ellsworth Place,” said Terry Richardson, president and COO of PRV. “From what we know, this is downtown Silver Spring’s first-ever standalone bubble tea café. Adding Rue 21 to our roster, Ellsworth Place is now equipped with nearly half a dozen clothing options from national retailers – just in time for the summer and Back-to-School season.”
Current anchor tenants at Ellsworth Place include Burlington Coat Factory, Marshalls, Michaels, Ross and T.J.Maxx. Recently opened stores include Payless, which opened last Saturday, as well as Foot Locker and MOD Pizza. Future tenants opening their doors this year include Dave and Buster’s, Forever 21 Red and Not Your Average Joe’s.
Over the next 20 years, Ellsworth Place is projected to generate approximately $38.4 million in tax revenues for Montgomery County and to support 807 permanent FTE jobs in the County. During the construction phase, the renovation is projected to generate 253 temporary jobs. On a statewide level, Ellsworth Place is projected to generate $175 million in state tax revenues and support 881 permanent jobs, inclusive of those in Montgomery County.
About Ellsworth Place
Ellsworth Place is a 350,000-square-foot retail center located in the heart of the award winning revitalized Silver Spring, MD, and anchored by Burlington Coat Factory, Michaels, Ross and T.J.Maxx. Petrie Richardson Ventures acquired ownership and management of the former City Place Mall in 2012, in a joint venture with Rockwood Capital, and invested in extensive renovations of both the exterior and interior, including improvements to access, common areas, existing tenants and new tenants within a refreshed industrial chic interior architecture. For more information, visit www.ellsworthplace.com.
About Petrie Richardson Ventures
Petrie Richardson Ventures (PRV) is a retail developer in the Mid-Atlantic region with a national reputation for creating successful retail centers and exciting mixed-use properties. PRV currently owns and operates Ellsworth Place in Silver Spring, MD, and Woodmore Towne Center in Glenarden, MD. For more information, visit www.petrierichardson.com.
About Rockwood Capital
Rockwood Capital is a real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA and Seoul, Korea. Rockwood provides debt and equity capital for core, core-plus, value-add and special situation real estate investment opportunities. Rockwood Capital manages $8.6 billion in real estate on behalf of over 100 public and private pension plans; endowments; foundations; insurance companies, and high net-worth families and individuals. For more information, visit www.rockwoodcap.com.