Related Beal and Freeport Equity buy Boston's Motor Mart Garage from CIM
Terms were not disclosed; Related Beal says it will keep operating the 1,037-stall garage and ground-floor retail.
At a glance
Related Beal and Freeport Equity have acquired the Motor Mart Garage at 201 Stuart St. in Boston's Back Bay from CIM Group, Connect CRE reported.
Related Beal intends to keep operating the 1,037-stall parking garage and its ground-floor retail while exploring future residential and mixed-use development with the City of Boston and neighborhood stakeholders.
CIM bought Motor Mart in 2016 and initially planned to redevelop it as housing.
Related Beal and Freeport Equity have acquired the Motor Mart Garage at 201 Stuart St. in Boston's Back Bay from CIM Group, Connect CRE reported. Terms were not disclosed.
Garage and retail to keep operating
Related Beal intends to keep operating the 1,037-stall parking garage and its ground-floor retail while exploring future residential and mixed-use development with the City of Boston and neighborhood stakeholders. "We are pleased to add the iconic Motor Mart Garage in Boston's Back Bay to our portfolio," said Kimberly Sherman Stamler, the firm's president.
CIM bought Motor Mart in 2016 and initially planned to redevelop it as housing. The deal is another CIM exit this publication has tracked, after the firm's Tysons office sale that this publication covered in August.
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