BOSTON--(BUSINESS WIRE)--CIM Group announced today that it has acquired the Motor Mart Garage, a nine-level, 1,037-stall parking structure with approximately 50,000 square feet of ground floor and lower level retail space. Located at 201 Stuart Street, the building is set on a 1.2-acre parcel at the border of Boston’s Back Bay and Theatre districts. CIM made the acquisition in partnership with LAZ Parking Realty Investors.
Constructed in 1927, the concrete building’s exterior façade was replaced and upgraded in 1999 with stone and granite panels added at the street level. LAZ will operate the facility, implementing institutional, best-in-class management systems to create efficiencies in the garage operations and improved service for parking users.
“Motor Mart Garage, located just two blocks from Boston Common at the intersection of two vibrant districts, serves a multitude of office workers, neighboring hotels, theatergoers, tourists and shoppers who visit this area every day,” said Avi Shemesh, Co-Founder and Principal of CIM Group. “This prime operating parking asset represents one of the target sectors of our infrastructure strategy, which focuses on public goods and services that support urban communities.”
CIM has been involved in the Boston area for more than 10 years, when it identified the community as possessing the attributes that fit its investment approach that focuses on established and emerging urban areas with solid infrastructure and transportation networks. Motor Mart Garage is CIM’s second investment in Boston this year, following the acquisition of an office building at 95 Berkeley Street in Boston’s South End.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Washington D.C. Metro Area, and Dallas. For more information, please visit www.cimgroup.com.