More National Retailers and First Bubble Tea Shop in Downtown Silver Spring

Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today the opening of Rue 21, Kung Fu Tea and Shoe City at Ellsworth Place.

Rue 21, now occupying 7,000 square feet adjacent to Forever 21 Red on Level Three, has multiple locations throughout the region -- with this store the closest to Washington, D.C. Kung Fu Tea, specializing in bubble tea, now adds 940 square feet on Level Two to their three other Maryland locations. Shoe City, started in Los Angeles over 30 years ago and now with 35 locations,carries the latest and hottest brands of shoes -- such as Nike, Converse and Vans -- for the whole family. They now occupy 4,872 square feet on Level Two.

“These retailers add a trendy eclecticism to the evolving hip experience we are creating at Ellsworth Place,” said Terry Richardson, president and COO of PRV. “From downtown Silver Spring’s first-ever standalone bubble tea shop Kung Fu Tea to the latest iteration of the Forever 21 brand -- Rue 21 -- and the mod footwear from Shoe City, Ellsworth Place has the best from national retailers – just in time for Black Friday and Holiday shopping.”

Current anchor tenants at Ellsworth Place include Burlington Coat Factory, Marshalls, Michaels, Ross and T.J.Maxx. Other recently opened stores include Payless, Foot Locker, MOD Pizza, Dave & Buster’s, Forever 21 Red and Not Your Average Joe’s.

Rue 21 was represented by H&R Retail, Kung Fu Tea was represented by H&R Retail and JBGR Retail and Shoe City was represented by Geoffrey Mackler at H&R Retail.

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.