Bids Placed on Bethesda Theatre

“Several” bids have been placed on Wisconsin Avenue landmark the Bethesda Theatre, according to a real estate broker marketing the property.

Last summer, after struggling with more than $4 million in debt and being foreclosed upon by its lender, BB&T. With no bidders at a June auction, BB&T officials have been marketing the property.

A buyer is expected to be selected within the next several weeks, Joe Friedman of Transwestern tells Patch. The call for bids went out Feb. 16. "The bank would like to close it expeditiously," Friedman said.

There’s been a lot of interest in the property that opened in 1938 as an art-deco movie house and in recent years became a hub for Off-Broadway productions. A drew about 60 people to the theatre, many of whom were interested in the property, Friedman said last month.

Interested parties included local real estate investors, theater industry buyers and entertainment industry buyers, Friedman said. “There’s several seriously interested parties, including a well-known live music club owner,” Friedman said in January.

Friedman declined to give further details about the interested parties. He couldn't confirm how many bids had been received.

Whoever eventually buys the property would be required to continue operating it as an arts and entertainment venue, which is exactly the hope of Save the Bethesda Theatre, a community group formed to support the landmark.