The Atrium Mall, where dozens of retailers have closed up shop since the shopping center opened, is expected to be sold for $50 million, according to reports.

The Bulfinch Cos. will purchase Simon Property Group’s mall, which has 12 shops and eateries after it opened in 1989 with 66 retailers, according to today’s Boston Herald.

Bulfinch will likely convert the mall in Chestnut Hill into medical office space because the 205,000-square-foot property is near the Longwood Medical Area (LMA) a few miles away in Boston, according to the Herald. The mall is more than five miles from the LMA.

The mall’s demise comes at the hands of neighboring shopping centers, the Herald reports. Between Legacy Place in Dedham, the Mall at Chestnut Hill and the $500 million expansion of the Natick Mall, the Atrium has been steadily losing customers.

Simon acquired a 49.1 percent stake in the Atrium Mall in 1999, when the company bought the mall in a $1.725 billion purchase of 14 shopping centers from Newton’s New England Development, according to the Herald.