Burger King lots bought by Pitt

Your way, right away – at Pitt now.

Well, not exactly.

The building that formerly… Your way, right away – at Pitt now.

Well, not exactly.

The building that formerly housed a Burger King, located on the corner of Forbes Avenue and Bouquet Street, is now property of the University of Pittsburgh.

After a long negotiation between Pitt and the seller, the Rose Engelberg Trust Corporation, an agreement was reached about the ownership of the properties at 3815 Forbes Ave.

The property consists of three lots. Lots No. 1 and No. 2 are the two-story building of what used to be Burger King. Lot No. 3, directly behind the old Burger King, is a retail storefront leased to Oakland Typewriter, Crazy Mocha and the Video Game Center.

According to John Fedele, associate director of news at the University, Pitt purchased the building for $1,675,000 in October 2003.

Pitt hopes to place another retail establishment in the location of the former Burger King.

“We don’t have any preconceived ideas of what will go into those buildings at this time,” said Eli Shorak, from the office of the executive vice chancellor.

“That entire Forbes Avenue commercial corridor is important to the community,” Fedele added. “We want responsible and reputable tenants to reside in that location.”

Unsure of whether the building will continue to be a fast food joint, restaurant or other retail vendor, Fedele said the University is looking to find the best possible outlet for that location.

Pitt also recently purchased the Loeffler Building, located at 3601-03 Forbes Ave.

The GotUsed Bookstore currently inhabits the Loeffler Building on the corner of Forbes and Meyran avenues.

The first floor will continue to be leased to a third-party occupant, GotUsed Bookstore, according to Fedele. As for the second and third floors, they will also be marketed to one or more third-party tenants or occupied by the University, as needed.

The University does want to keep the GotUsed Bookstore up and running in its current location, according to Fedele and Shorak.

“It wouldn’t be in our best interest to drive out a tenant that’s paying rent,” Fedele said. “Besides, that wouldn’t eliminate the market or the need for used books.”

Although the initial asking price for the real estate was $3.2 million dollars, Pitt paid $1.9 million dollars for the property, after property inspections and extensive negotiations.

“Both purchases provide services to both faculty and students, as well as the Oakland business community,” Fedele said.