Money from the sale will go into a board-designated fund to be used by Anna Jaques Hospital's board of trustees.
"The funds could be used, potentially, for major investments in expanded programs or facility improvements, depending upon the needs of the hospital's patients. The cash from the sale will also be used to continue to strengthen the financial health of the institution," O'Connor said in a release.
Chiaravalloti said the money will not be used for the hospital's expansion project.
Mondello, a Hamilton resident, said he plans to keep the building as it is, except for making improvements Anna Jaques long deferred, including repaving the parking lot and fixing the building's signs.
He called the property's tenants "top-notch" and said that he wants to make the building an asset for Amesbury.