Koob Veneman, who owned and operated Veneman Music Co. for over 20years until it was acquired by Guitar Center in 2000, sold theproperty.
With this acquisition under its belt, the three partners have jointlyaccumulated approximately seven acres of contiguous properties twoblocks south of Rockville's Twinbrook Metro Station, says Brian K.Mistysyn, manager of Acquisitions and Development of Willco. "While the Guitar Center has the rights to occupy the building for several years, we are looking down the road at the potential redevelopment opportunities," he tells GlobeSt.com.
It is far too soon to say for what use the properties would beredeveloped--for example, multifamily or office, Mistysyn adds."Either could be possibilities but it would depend on where the marketis at that point." There are a number of sites poised for redevelopment and adaptivere-use over the next decade at Twinbrook, he also notes, includingJBG's 2.2million-square-foot Twinbrook Station mixed-use project.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
