Related Beal has acquired the historic Motor Mart Garage in Boston’s Back Bay neighborhood, expanding its presence in an area where the firm has been active for many years. The buyer partnered with Freeport Equity on the transaction, which involves a mixed-use property combining structured parking and ground-floor retail space. The seller was CIM Group, which had owned the asset since 2016. Terms of the sale were not disclosed.
Located at 201 Stuart St., Motor Mart Garage is a century-old structure that was fully restored in 1999. The property functions primarily as a parking facility and includes a substantial retail component at street level. The garage offers 1,037 parking stalls, making it a sizable parking asset within the Back Bay submarket.
CIM Group originally acquired the property with a plan to convert it to residential use, according to prior reports referenced in the coverage. That redevelopment did not proceed as initially envisioned. Instead, CBRE Capital Markets brought the asset to market in January, ultimately resulting in the sale to Related Beal and Freeport Equity.
Related Beal intends to keep the existing operations in place for the time being. The company plans to continue running the 1,037-stall garage and the ground-floor retail, maintaining the property’s current role as both a parking hub and retail destination. This approach preserves ongoing income from parking and retail while longer-term options are evaluated.
In a statement, Related Beal president Kimberly Sherman Stamler described Motor Mart Garage as an iconic property at the heart of a neighborhood where the firm has been investing for many years. She noted that the asset holds significant potential for future residential and commercial development, reflecting its prominent location and mixed-use layout.
Looking ahead, Related Beal will explore potential residential and broader mixed-use redevelopment scenarios in coordination with the City of Boston and local neighborhood stakeholders. Any such plans would build on the property’s existing parking and retail functions while considering alternative uses over time. For now, however, the transaction centers on the acquisition of a stabilized mixed-use parking and retail asset in one of Boston’s most established urban districts.
Photo courtesy of BPDL.
