An affiliate of the Bulfinch Cos., a Needham-based real estate investment firm, said Monday that it has acquired the troubled Atrium Mall in the Chestnut Hill neighborhood of Newton and added that it plans to convert the property to a medical and office center.
A purchase price was not disclosed. A Bulfinch spokeswoman identified the seller as Mayflower Atrium LLC.
Bulfinch said it will rebrand the roughly 300,000-square-foot property on Route 9 as “Atrium Center at Chestnut Hill” after extensive renovations that are scheduled for completion next year. ADD Inc. has been selected as the project’s architect and John Moriarty & Associates will be the general contractor, Bulfinch said.
As a mall, the Atrium was once home to many upscale stores. But over the past two years, it was hurt by a wave of store departures. In February, mall operator Simon Property Group confirmed that the clothing retailer Gap was closing its store there.
Borders Books & Music, Williams-Sonoma, Abercrombie & Fitch, and luxury jewelry store Tiffany & Co. were among retailers who left the Atrium, a Globe story in February noted.
The Atrium was crippled mainly by the growth in competition from other high-end malls, such as Legacy Place in Dedham and the Natick Mall, a retail analyst told the Globe then.