Deaconess Group Plans Senior Community

MALDEN, MA-New England Deaconess Association has acquired Malden Medical Center, a five-building, 400,000-sf complex on 19 acres here for $12 million. Under its new ownership, the hospital campus will be renamed Parkview on the Fells and redeveloped into 224 independent living apartments, 14 independent cottages, 45 assisted living units and 16 Alzheimer units. As a continuing care retirement community, residents also will have access to assisted living, skilled nursing care and memory support services.

Meredith & Grew's Kristin E. Blount tells GlobeSt.com that the property attracted interest from healthcare users who were drawn by the facility's prior use as a hospital and its location next to a family health center and a senior care facility. "There were lots of community living, senior living and other groups that complemented the healthcare use" interested in the site. Blount and colleagues Thomas J. Hynes Jr. and Robert E. Cronin handled the transaction for the seller, Hallmark Health Systems Inc., a community-based, nonprofit healthcare system serving Boston's northern suburbs.

The property is comprised of a 311,500-sf main building, used for medical and administrative offices, a 5,760-sf residential building and a 42,840-sf family health center. It also contains a 17,280-sf former nursing school and a separate power plant. According to a marketing brochure on the property, Hallmark Health was initially considering several options in addition to the sale of the building, including master lease and a sale-leaseback. The former owner said it would also consider a strategic alliance with a qualified development group to redevelop the site.

Although terms of the sale were not disclosed, the Middlesex County Registry of Deeds listed the sale price on the 100 Hospital Rd. property as $12 million. New England Deaconess Association did not return calls from GlobeSt.com seeking comment.