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Related Beal Acquires Back Bay’s Historic Motor Mart Garage
Related Beal, in partnership with Freeport Equity, has acquired Motor Mart Garage, a mixed-use parking and retail asset in Boston’s Back Bay neighborhood. Terms were not disclosed. The seller was CIM Group, which acquired the historic property in 2016 and initially planned to redevelop it as residential. CBRE Capital Markets brought the century-old asset to market this past January, according to published reports.
“We are pleased to add the iconic Motor Mart Garage in Boston’s Back Bay to our portfolio,” said Kimberly Sherman Stamler, president of Related Beal. “Motor Mart sits at the heart of a neighborhood we have been investing in for many years and holds great possibility for future residential and commercial development.”
Located at 201 Stuart St., the garage was fully restored in 1999. Related Beal intends to continue operating the existing 1,037-stall parking garage and ground-floor retail while exploring future residential and mixed-use development with the City of Boston and neighborhood stakeholders.
Photo courtesy of BPDL.
- ◦Sale/Acquisition
