Genstein Limited Partnership has purchased the 110,000-square-foot retail building at 1500 Yost Blvd in Pittsburgh from Guardian Construction Management. The developer paid $2.3 million, or $21 per square foot.
Conversion of the building for education has already begun. Propel Charter Schools signed a 15-year lease for 42,000 square feet to establish an elementary school. This will be its sixth location. Propel Charter Schools intends to open for the fall semester and plans on opening a high school at the same location the following year.
The building, built in 1970, sits on 11.3 acres and had been home for Nordstrom and Wal-Mart as temporary tenants over the last two years.
Paul Horan of NAI Pittsburgh Commercial represented the buyer and the new tenant. Jeremy Kronman, Christina Bucciero and Courtney Lynn of CB Richard Ellis represented the seller.
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