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GBT Realty buys Md. retail center, air rights for $92M

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GBT Realty buys Md. retail center, air rights for $92M

Brentwood, Tenn.-based GBT Realty Corp. purchased the 350,000-square-foot Ellsworth Place retail center in Silver Spring, Md., and air rights from Rockwood Capital and Petrie Richardson Ventures for $92 million, the Washington Business Journal reported.

According to the report, GBT and partners Equity Resource Investments and Avente Financial Group own the right to construct 250,000 square feet of office above the five-story shopping center at 8661 Colesville Road.

The sellers were represented by Newmark Knight Frank, the publication noted.