Petrie Richardson Ventures restructures to meet retail trends
Petrie Richardson Ventures (PRV), a mid-Atlantic-based national real estate developer, has restructured its executive team, and adjusted details of its strategic plan to address the changing landscape in the retail space.
Concurrently, while PRV co-founder Walt Petrie confirmed his retirement from the firm, co-founder and now CEO Terry Richardson formally announced partners Chris Duffy, Amy Harrison and Warren “Bud” Duckett will expand their roles as partners with an increased involvement in the management of the company and overall corporate governance.
“Walt and I founded this firm in 2000. I will miss our partnership as he pursues his next chapter and explores new opportunities through his new company, Petrie Ventures,” said Richardson. “PRV has enjoyed success during an ever-changing retail landscape, and much of that is owed to the strong relationships and great vision of Walt. As we now move forward with a restructuring strategy, our team of Chris, Amy, Bud and I will both carry the torch and break new boundaries with our diversification of property types, including medical office and single-tenant assets, expansion of geographic locations, and broadening the scope of our third-party service portfolio.”
PRV’s reputation in the retail industry was led by its strength in both developing and managing primarily regional shopping centers and enclosed malls. The restructured company will now focus on a more robust suite of development opportunities, including neighborhood shopping centers, government and medical office, net-leased single-tenant pads, and offering third-party property management and leasing services.
Although all three new executive leaders became partners in 2015, Duffy joined PRV in 2007 as director of development, Harrison as CFO in 2008, and Duckett as vice president and general counsel in 2009.
Duffy is now president of the firm and will focus much of his energy sourcing new development and acquisition opportunities.
All have worked closely on the PRV portfolio, including the ongoing expansion of Woodmore Town Centre in Glendarden, Md., which opened in 2010 and is anchored by Wegmans, Costco, Nordstrom Rack, Best Buy, and Petco; the completion of Children’s National Medical Center in Landover, Md.; and the ground-up development of Woodmore Commons in Lanham, Md. The team most recently took on the property management of Lakeforest Mall in Gaithersburg, Md., on behalf of its new owners.
Other properties across Maryland they have redeveloped include Centre at Edgewater, 1919 West St., The Centre at Golden Ring and Centre at Forestville. In 2012 PRV commenced the redevelopment of the former City Place Mall in Silver Spring, Md., in a joint venture with Rockwood Capital. The company rebranded the property as Ellsworth Place and invested in extensive renovations of both the exterior and interior; including improvements to access, circulation, common areas, plus renovation of existing tenants and adding new anchors on each level of the five-story urban property. Improvements also included a refreshed industrial chic interior architecture. Ellsworth Place successfully sold in 2018.
