Motor Mart Garage Sold for $89 Million in Boston

The landmark parking facility sold at a 45 percent discount from its 2016 purchase price.

Updated on Oct. 14, 2026 in Commercial

Motor Mart Garage Sold for $89 Million in Boston

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Related Beal and Freeport Equity acquired the 1,037-space Motor Mart Garage in Boston for $89 million. The deal marks a significant decrease in value from the $162.5 million price paid by CIM Group in 2016.

Why it matters

The sale reflects the ongoing recalibration of commercial property values as investors navigate a challenging market for debt and redevelopment projects. This transaction highlights how development plans, such as a previously approved but never built 20-story condo tower, can shift in feasibility.

The Motor Mart Garage occupies a 1.2-acre footprint and provides 1,037 parking spaces. The transaction price reflects a 45 percent discount compared to the property's last sale.

The players

Related Beal

This real estate development firm is a prominent player in the Boston commercial and residential property market.

Freeport Equity

This investment firm is headquartered in Fort Lauderdale and participated in the purchase of the Motor Mart Garage.

CIM Group

Based in Los Angeles, this investment firm previously owned the parking facility and sought development approvals for the site.

The details

CIM Group previously secured city approval for a 20-story residential tower containing 231 units at the site, but the project remained unbuilt. The acquisition by Related Beal and Freeport Equity closed during the week of October 14, 2026.

CIM Group purchased the Motor Mart Garage in 2016.
City officials approved a 20-story condominium tower in October 2019.
Commercial real estate mortgages totaling $950 billion reached maturity in 2024.
The acquisition by Related Beal and Freeport Equity closed the week of October 14, 2026.
Projected maturity for $1.26 trillion in commercial mortgages is set for October 2027.

Culture Shift

This transaction aligns with the broader reality of $1.26 trillion in commercial mortgages coming due by 2027. It highlights a shift in market strategy as developers adjust to financing pressures by reevaluating assets previously earmarked for high-density residential use.

Residents and daily commuters in the Bay Village and Back Bay areas will continue to use the 1,037-space facility as ownership changes. The transition indicates that immediate construction of the previously planned 20-story residential tower remains off the table for now.

The takeaway

Large-scale urban properties are facing significant valuation resets as debt cycles reach critical maturity dates. Investors should remain aware that approved development plans are subject to change based on shifting capital availability and market demand.