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Related Beal buys Boston's Motor Mart garage at a fraction of its 2016 price

Related Beal buys Boston's Motor Mart garage at a fraction of its 2016 price

Money Moves Boston, MA local

Parking garage with an approved-but-stalled condo tower sells for about $89 million, a little more than half its 2016 price.

October 14th, 2026: Related Beal announces Motor Mart purchase

Overview

Updated Oct 16

Boston's Motor Mart garage, once billed as the world's largest parking structure, has a new owner at a sharply reduced price: Related Beal and Freeport Equity bought the 1,037-stall garage at 201 Stuart St. The Boston Globe, citing an anonymous source, reported the price at about $89 million, a little more than half the $162.5 million CIM Group paid in 2016.

The garage's ground-floor retail is 46.8% leased, and its parking takes in about $7 million a year, according to the CBRE listing that marketed the site. A 231 condominiums approved in 2019 never broke ground. The sale had not been recorded in Suffolk County deed records as of mid-October, and Related Beal says it will keep the garage running while it studies future development.

Why it matters

The sale shows how far Boston's downtown condo market has fallen — and leaves a landmark parking garage's future in limbo.

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Key Indicators

$89M
Reported purchase price
Related Beal and Freeport Equity's deal for the 1,037-stall garage, reported by the Boston Globe citing an anonymous source.
$162.5M
2016 sale price
What CIM Group paid when it bought the garage on Oct. 24, 2016.
45%
Decline from 2016 price
The roughly $73.5 million gap equals about a 45% drop from the 2016 sale.
1,037
Parking stalls
The garage's current capacity at 201 Stuart St.
20
Stories in approved tower
Height of the residential addition Boston approved in 2019. The project never broke ground.
46.8%
Retail space leased
Share of the garage's 49,000 square feet of ground-floor retail that is leased, per the CBRE listing.
$7M
Annual parking income
Yearly parking revenue reported on the CBRE listing, above pre-Covid levels.

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People Involved

Kimberly Sherman Stamler
Kimberly Sherman Stamler
President, Related Beal
Led Related Beal's purchase of the Motor Mart garage, announced October 14, 2026

Organizations Involved

Related Beal
Related Beal
Real estate developer
New owner of the Motor Mart garage

Boston-based developer that bought the Motor Mart garage with partner Freeport Equity.
Freeport Equity
Freeport Equity
Real estate investment firm
Partner in the Motor Mart acquisition

Fort Lauderdale, Florida-based firm that partnered with Related Beal on the purchase.
CIM Group
CIM Group
Real estate developer
Prior owner of the Motor Mart garage (2016-2026)

Los Angeles-based firm that bought the garage in 2016 for $162.5 million.
BG
Boston Global Investors (BGI)
Development firm
Developer of the approved but unbuilt Motor Mart condo tower

Development firm that received approval in 2019 to add a 20-story residential tower atop the garage.

Timeline

October 2016 October 2026

6 events Latest: October 14th, 2026 · 4 weeks ago
Tap a bar to jump to that date

  1. Related Beal announces Motor Mart purchase

    Latest Acquisition

    Related Beal announces it owns Motor Mart; reported price about $89 million.

  2. Motor Mart hits the market

    Listing

    The garage was put up for sale in January 2026.

  3. CIM and Boston agree on transportation improvements

    Regulatory

    CIM Group reached an agreement with the city on transportation improvements tied to the stalled Motor Mart tower project.

  4. Deutsche Bank provides mortgage

    Financing

    The property received $105 million in mortgage financing from Deutsche Bank.

  5. Boston approves 20-story tower plan

    Regulatory

    City approved Boston Global Investors' plan for a 20-story residential addition to the garage.

  6. CIM Group buys Motor Mart Garage

    Acquisition

    CIM Group bought the garage for $162.5 million, with plans to redevelop it.

Scenarios

1

Related Beal files new development plan for Motor Mart

Possible Resolves by End of 2030

Discussed by: Banker & Tradesman, citing Related Beal's statement on future development

Related Beal's statement that the property 'holds great possibility for future residential and commercial development' suggests it may pursue a new plan to replace the stalled 2019 condo tower. Any project would need approval from Boston's Planning & Development Agency. With no large condo developments expected in Boston for years, an application could come later rather than sooner.

2

Motor Mart stays a parking garage, no redevelopment

Likely Resolves by End of 2030

Discussed by: Banker & Tradesman, noting the garage's continued operation

Related Beal says it will keep operating the 1,037-stall garage. The reported price — about half the 2016 value — suggests the market currently values the property mainly as a parking asset, not a development site. If interest rates stay high and Boston's condo market stays weak, the garage could operate as parking for years.

3

Related Beal resells Motor Mart garage

Unlikely Resolves by End of 2028

Discussed by: The Real Reporter, which covered CIM Group's 2016 purchase of the garage for an infrastructure fund

Related Beal could stabilize the garage's income and sell it to another investor, as CIM Group did. The garage offers proven cash flow and faces little new competition because Boston restricts new parking. The reported discount could attract investors looking for value.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2007-2008

Chicago Spire (2007-2008)

In 2007, developers broke ground on the Chicago Spire, a 150-story condominium tower designed by Santiago Calatrava. Foundation work began, but the 2008 financial crisis halted construction before the building took shape.

Then

The project defaulted on loans and the foundation was abandoned.

Now

The vacant site sat largely unused for more than a decade.

Why this matters now

Like the Motor Mart, an approved condo tower was killed by economic conditions, showing how quickly real estate value collapses when financing dries up.

2008-2010

Miami condo boom bust (2008-2010)

Miami's mid-2000s condo boom produced dozens of new towers. When the 2008 financial crisis hit, many projects were canceled mid-construction and prices fell by roughly half.

Then

Lenders took back unfinished properties; construction halted across the city.

Now

It took years for the market to absorb the oversupply and for prices to recover.

Why this matters now

Shows the pattern of approved-but-unbuilt towers losing value sharply in a downturn, the same dynamic that cut the Motor Mart's price since 2016.

Sources

(4)
Banker & Tradesman The Real Reporter Bisnow Hoodline