Tennessee charter network purchases former cinema for $2.5 million

Gestalt Community Schools, a charter network in Memphis, Tenn., has bought a former movie theater for $2.5 million.

The 80,000-square-foot building in the Hickory Hill section of Memphis is the former home of the Malco Majestic movie complex.

The sale includes the building and 17 acres of land. Gestalt plans to construct a new facility there for its Power Center Academy K-8 schools, reports WATN-TV. 

The new school will be about three miles away from the existing school.