BOSTON--(BUSINESS WIRE)--CIM Group announced today that it has acquired six land parcels totaling 2.16 acres in Boston’s Fenway neighborhood, located two blocks south of Boylston Street and four blocks from Fenway Park. CIM made the acquisition with Cabot, Cabot & Forbes, its joint venture partner. The parcels are currently leased to two restaurants, a convenience store, and a taxi depot that utilizes the surface lots and garages.
The Fenway neighborhood is a thriving and growing residential community with open, green spaces including the Back Bay Fens, the Fenway Victory Gardens, and other parks. It is easily accessible to the Back Bay neighborhood as well as the Longwood Medical Area, a concentrated community of healthcare and academic institutions that has earned a reputation as one of the world’s most prestigious medial, research and educational centers that includes Harvard Medical School, its teaching hospitals and research institutes, Massachusetts College of Pharmacy and Health Sciences, and other prominent colleges, museums, and research centers. The property is ideally located within walking distance of public transportation, including the MBTA Green Line’s Fenway Station and Kenmore Station as well as MBTA bus lines.
“CIM’s community-focused approach to urban investing and our various investment strategies have allowed us to continue to build a diverse real estate portfolio in Boston,” said Avi Shemesh, Principal and Co-Founder of CIM Group.
CIM identified the Boston area more than a decade ago as a community that possesses the attributes that fit its investment strategy. The acquisition of these parcels continues the firm’s investment program in Boston that includes Motor Mart Garage, 200 Stuart Street Garage, and 95 Berkeley Street.
About CIM Group
Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA, Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com.