Report: Newton's Atrium Mall to be Sold, Will be Medical Offices
The property is reportedly going to be sold for $50 million.
The Boston Herald reports this morning that the ailing Atrium Mall is under agreement to be sold for $50 million and will eventually be turned into medical offices.
Sourcing a person "close to the deal" the Herald says Needham-based Bullfinch Cos. is buying the property and the deal should close later this month.
For more information, check out the story in the Boston Herald.
The Simon-owned Atrium Mall, which opened in 1989, has recently dropped to roughly 20 percent capacity, with ten retail stores left in the mall and just two restaurants. Earlier this month the mall lost one of its anchor eateries, Bertucci's.
Since January, a slew of stores have exited the property including Gap, GapKids, Pottery Barn Kids and Creatoyivity. Some stores, including Ross-Simons, have left the Atrium for another Simon-owned property across the street, the Mall at Chestnut Hill.
While the Atrium has continued to suffer, nearby retail properties are working on building out; construction at the Chestnut Hill Square development is ongoing and developers at the Chestnut Hill Shopping center recently started construction at the former Macy's site, which will house a theatre and new fitness center.