Related Beal Acquires Motor Mart Garage in Boston's Back Bay From CIM Group
Related Beal, in partnership with Freeport Equity, has acquired Motor Mart Garage, a mixed-use parking and retail asset at 201 Stuart St. in Boston's Back Bay neighborhood, from CIM Group, LLC. The firm announced the transaction Oct. 14, 2026. CBRE Capital Markets marketed the property for sale.
The purchase price is approximately $89 million. Related Beal intends to continue operating 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 firm said.
Related Beal Adds to Its Back Bay Holdings
The acquisition adds to a portfolio of assets Related Beal holds across Boston and is consistent with the firm's approach to disciplined investment in sites with long-term value and development possibilities, according to the announcement.
"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."
Over the past decade, Related Beal has developed and preserved housing across Boston, including in the Back Bay, North Station, South End and Mattapan, and holds approvals for additional housing in Fort Point, the firm said. Related Beal is the Boston office of Related Companies. Its developments include The Clarendon / One Back Bay, Lovejoy Wharf, The Beverly, The Quinn & The Harris, Congress Square, One Kenmore Square, Innovation Square and Channelside.
Property Details and Pricing
Motor Mart Garage sits on roughly 1.2 acres at the edge of Back Bay and Bay Village. The nine-story, block-long structure was built in 1927 and fully restored in 1999. It totals roughly 420,000 square feet, including approximately 49,000 to 50,000 square feet of ground-floor retail space.
At the purchase price, the sale equates to approximately $212 per square foot, or about $74,000 per parking stall. Retail space at the property is approximately 46.8% leased, and the garage generates approximately $7 million in annual parking income. The price represents roughly 12.7 times that parking income, a figure that is not a capitalization rate because it does not account for expenses, taxes or retail income.
CIM Group's Ownership and Redevelopment History
CIM Group acquired the property for $162.5 million on Oct. 24, 2016. The sale price is roughly 45% below that figure. CIM had pursued a residential redevelopment of the site, and a previously approved plan called for a 20-story, 306-unit condominium project. The plan would have reduced parking from the existing 1,037 stalls to 672 spaces. The redevelopment did not advance.
Market Context
The transaction illustrates a strategy centered on current income paired with future development optionality. By maintaining the garage and retail operations, Related Beal retains cash flow from the property while evaluating residential and mixed-use options with city agencies and neighbors. Earlier city approvals provide a planning framework for the site, though they do not guarantee that a prior proposal remains valid or financially feasible.
The sale price may also serve as a valuation reference point for older, parking-heavy Boston assets that carry redevelopment potential alongside entitlement and construction risk.
Sources
- Related Beal press release, Oct. 14, 2026: https://www.relatedbeal.com/press-releases/2026-10-14/related-beal-acquires-iconic-motor-mart-garage-boston