Parking Garages Are Boston’s Hot Commercial Commodity
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A New York real estate firm is the latest out-of-town buyer of a Boston parking garage.
Dock Square Parking Associates announced Thursday it sold its Dock Square Garage near the Rose Kennedy Greenway to Brooklyn-based Fortis Property Group for $170M in a deal brokered by Newmark Knight Frank. The garage takes up an entire triangle-shaped block at North and Clinton streets near Faneuil Hall.
“Dock Square Garage is among the top three highest-grossing parking facilities in Boston,” NKF Executive Managing Director Matthew Pullen said in a prepared statement. “The garage is directly surrounded by 24/7 demand drivers, including Faneuil Hall, the North End, Rose Kennedy Greenway, TD Garden and 33M SF of Downtown office space.”
Along with 698 parking spaces, the garage features 16K SF of retail space leased to Hard Rock Café and three to four floors of additional development potential.
The sale is the latest in a wave of Boston parking garage sales. Los Angeles-based real estate firm CIM Group closed on a $114.2M deal earlier this month for a four-level parking garage at 321 Harrison Ave. and an adjacent 11-story office building at 1000 Washington St. previously owned by Rubenstein Partners and Nordblom Co., the Boston Business Journal reports. Nordblom will stay on as a partner with CIM and move forward with plans for an eight-story office building on top of the garage on Harrison Avenue.
CIM also bought the Motor Mart Garage in Park Square in 2016 for $162.5M and has since looked into its redevelopment options.