Los Angeles firm closes on $163M deal for Boston parking garage

Banker & Tradesman | By Catherine Carlock
October 25, 2016

la-firmCIM Group, an urban real estate and infrastructure fund manager based in Los Angeles, has closed on its purchase of Boston’s Motor Mart Garage for $162.5 million.

Seller Park Square Realty first selected CIM Group as the buyer of the nine-level Art Deco structure in June. At the time, sources told the Business Journal the garage would fetch around $160 million.

The Motor Mart Garage is a 420,000-square-foot facility at 201 Stuart St. that dates back to 1927. The garage houses more than 1,000 spaces, and its ground-floor retail offerings include Legal Sea Foods, Fleming’s Prime Steakhouse and Maggiano’s Little Italy restaurants.

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