A joint venture between Jefferson Apartment Group and Northwestern Mutual Real Estate has closed on the acquisition of three buildings in Malden, MA. They include the City of Malden Police Station, City Hall and the First Church of Malden which will be re-purposed for a mixed-use, transit-oriented residential, civic office and retail scheme called Malden Center. It will feature 320 residential apartments, 45,000 sqf of office space and 22,500 sqf of street retail, connecting the city’s historic retail core of Pleasant Street with the Malden Center MBTA station. Terms of the sale were not disclosed.
“JAG’s purchase of these properties represents a significant milestone in the redevelopment of Malden Center. We’ve been working with the city for more than three years, but the city has been taking steps towards reinvigorating Malden Center, particularly through the re-connection of Pleasant Street, for many years,” said Sandi Silk, senior vice president, development partner for Jefferson Apartment Group.
