Related Beal today announced the acquisition of Motor Mart Garage, a mixed-use parking and retail asset in Boston’s Back Bay neighborhood. The acquisition adds to a diversified portfolio of assets the firm holds across Boston and is consistent with Related Beal’s approach to disciplined investment in sites that hold long-term value and development possibilities.
"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 Street, Related Beal, in partnership with Freeport Equity, acquired the asset from CIM Group, LLC, with CBRE Capital Markets marketing the sale of the property. Related Beal intends to continue to operate the existing 1,037-stall parking garage and ground floor retail space while exploring future residential and mixed-use development with the City of Boston, the Boston Planning Department, and neighborhood stakeholders.
The acquisition builds on Related Beal’s longstanding track record of investment and development in Boston. Over the past decade, the company has developed and preserved housing across the City, including in the Back Bay, North Station, South End and Mattapan, and holds approvals for additional housing in Fort Point. Related Beal’s Boston portfolio includes landmark residential, mixed-use and commercial assets that have contributed to the vitality of neighborhoods across the city.
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About Related Beal:Related Beal is a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas. The firm has expertise across all asset classes including residential, commercial, hospitality, retail, life science, and mixed use. Related Beal has developed and is undertaking the development of some of the most recognized buildings in the area including The Clarendon / One Back Bay, Lovejoy Wharf, The Beverly, The Quinn & The Harris, Congress Square, One Kenmore Square, Innovation Square, and Channelside. The firm is the Boston office of Related Companies, the most prominent privately-owned real estate firm in the United States, and one of the largest developers and preservationists of affordable and workforce housing in the country.
