Motor Mart Garage Trades For $162M
CIM Group closed on its acquisition of the Motor Mart Garage in Boston for $162.5M, the Boston Business Journal reports. The garage is a 420k SF facility at 201 Stuart St with more than 1,000 spaces, and ground-floor retail that includes Legal Sea Foods, Fleming’s Prime Steakhouse and Maggiano’s Little Italy restaurants. The seller was Park Square Realty.
Motor Mart Garage, an Art Deco gem of Back Bay’s Park Square, was the winner of the 1927 Harleston Parker Medal for best new building in greater Boston, and was completely restored in 1999. LA-based CIM Group also owns 95 Berkeley St in the South End, which it acquired from Community Builders this year for $43M. [BBJ]