Converting a former Macy’s store at the Auburn Mall into medical offices has been an apparent financial boon to the mall’s owners.
The former Macy’s, which is now used as medical offices for Reliant Medical Group, has sold for $50 million to a Los Angeles property investment firm that owns medical offices across the country.
Kayne Anderson Capital Advisors bought the Reliant space from the mall’s owner, Simon Property Group of Indianapolis, in a deal closed Aug. 28. The transaction covers just over 66,000 square feet in a parcel at the eastern end of the mall.
Reliant, which leases there, said Tuesday nothing will change as a result of the sale. Reliant moved into the former Macy’s home goods store in 2018 as part of a reshuffling of medical office space in Central Massachusetts in the past few years as its leases expired.
On its website, Kayne Anderson says its real estate arm has acquired approximately 11.4 million square feet of medical office space in 252 sites in 36 states since 2013. Simon Property Group also owns the Solomon Pond Mall locally, along with 10 other shopping centers in Massachusetts. It has 176 total locations, including outlet malls.
Kayne Anderson and Simon couldn’t immediately be reached for comment on the transaction. Simon bought the mall in 1999 for just under $70 million from New England Development of Newton. The mall was last assessed by the Town of Auburn at more than $61 million.
