Auntie Anne’s, Bump ‘n Grind and Twin Fashions Sign Long-Term Deals
SILVER SPRING, Md. (June 12, 2017) – Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today that Auntie Anne’s, Twin Fashions ‘n Bump and Grind signed long-term leases.
Auntie Anne’s has been a nationwide snack staple since its founding in 1988. With over 1,600 locations, Auntie Anne’s has now taken over 730 square feet on Level Two. This location began serving pretzels and other signature treats on April 27.
Bump ‘N Grind, an up-tempo cafe & record store serving barista drinks & baked goods in a loungey, contemporary space is opening this summer on Level 1. Twin Fashions, taking 800 square feet across from Guitar Center on Level 4, has several locations throughout the region, with this store the closest location to Washington, D.C. The store is planning to open late summer.
“Each of these new retailers add to the eclectic experience we are creating at Ellsworth Place,” said Terry Richardson, president and COO of PRV. “Auntie Anne’s is a long-standing staple in shopping malls, which helps to highlight the new offerings provided by Bump ‘n Grind and Twin Fashions. We’re excited to continue to bring in a diverse group of retailers and offer the shoppers of Silver Spring as many options as possible.”
Current anchor tenants at Ellsworth Place include Burlington Coat Factory, Marshalls, Michaels, Ross and T.J.Maxx. Recently opened stores include Guitar Center and Dave & Buster’s, which opened their 40,980-square-foot space in Fall of 2017.
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.
High resolution photos of Ellsworth Place available upon request
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.
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