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Bulfinch Pays Simon JV $46 Million for Atrium Mall

Local Investor To Renovate 300,000-SF Mixed-Use Property
July 23, 2012
Bulfinch purchased the Atrium Mall, a mixed-use development at 300 Boylston St. in Chestnut Hill, MA, from an entity listed as Mayflower Atrium LLC for approximately $46 million.

Canada Pension Plan Investment Board joined Simon Property Group and TIAA-CREF as an owner of the complex last year when it invested $350 million for a minority stake in a 9.8 million-square-foot portfolio that included Atrium Mall.

Bulfinch, a Needham, MA-based commercial real estate investment firm, plans to renovate the 300,000-square-foot property and reposition the current mall into The Atrium Center at Chestnut Hill, a medical and office center with ground floor retail space. Construction is set to begin this year with a completion date scheduled for next year. The original structure delivered in 1989.

Reconstruction will include tenant space as small as 5,000 square feet, office space with 11-foot finished ceilings and full-height interior and exterior windows and 1,000 garaged parking spaces. Bulfinch hired ADD Inc. as the architect and John Moriarty & Associates as the project’s general contractor.

See CoStar COMPS #2512682 for more information.

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