CIM Group is a premier full service urban real estate and infrastructure fund manager with approximately $18.8 billion of assets under management. Since its founding in 1994, CIM has been a process- and research-driven investor that mitigates risk through the fundamental analysis of the long-term drivers in communities. CIM® is a relative value investor that systematically targets investments that are priced below their long-term intrinsic value. Over time, CIM has delivered a strong risk-adjusted track record of returns by relying on its vertically-integrated team, investment discipline, and sourcing capabilities.
Aug 14, 2019
Plumbing Permit Issued for 321 Harrison
A plumbing permit has been issued for the new office tower under construction at 321 Harrison Ave. in the South End. The eight-story, 232,500 square foot addition is being added on top of the existing 300 car garage currently on the site. The existing lobby that connects 1000 Washington Street next door to the garage is also being reconfigured to accommodate the elevator core for the new building, thus connecting both buildings and serving as a shared lobby.
Jul 03, 2019
321 Harrison Refinanced for $164.66 Million
The property at 321 Harrison Street in Boston has been refinanced via Goldman Sachs Bank for $164.66 million.
The eight-story, 232,500 square foot office building is under construction on top of the existing three-story, 300 car garage at 321 Harrison Avenue.
The resulting 11-story building will be approximately 150 feet tall and will feature a new glass curtainwall facade. The Roman numerals III II I (3 2 1) will be incorporated into the curtainwall facing the Massachusetts Turnpike, a nod to the building's address. The existing garage will be retained. Approximately 2,500 square feet of retail or gallery space will be added to the existing garage's street level.
Apr 03, 2019
Work Ongoing in Garage for Addition at 321 Harrison Avenue
Construction is ongoing on the lower levels of the garage at 1000 Washington Street to allow for the addition of an 8 story office tower on top of the garage. The new tower will include around 216,000 square feet of office space in this busy South End location. The project also calls for a new lobby to connect 1000 Washington with 321 Harrison Avenue.
Mar 26, 2019
Motor Mart Garage Under Official Review
The proposed redevelopment of Motor Mart Garage by CIM Group and Boston Global Investors is under official review.
The plans call for a 20 story tower to rise out of the existing building (for a total of 28 stories). In total approximately 390 residential units (apartments and condos) would be created, ranging in size from studios to three bedrooms. 672 of the current 1037 parking spaces will be retained and around 46,000 square feet of retail space will be renovated.
Jan 18, 2019
435 Unit Kilmarnock Street Development Approved
BPDA has approved Cabot, Cabot & Forbes project at 60 Kilmarnock Street in the Fenway. The two-building development will feature 435 residential units, 37 of which will be affordable, along with ground floor retail and a new space for the K Street Clubhouse. The project, covers 60, 67-75, 70-80 Kilmarnock Street and 59-75 Queensberry Street. The design also calls for 250 parking spaces and several green and amenity spaces for residents. The development team has also agreed to contribute $6 million to affordable housing in Boston.
Oct 23, 2018
Demo Permit Application Filed for Kilmarnock Street Development
Cabot, Cabot, & Forbes has filed an application with the Boston Landmark's Commission for the demolition of two commercial buildings and two garages 60, 67-75, and 70-80 Kilmarnock Street and 59-75 Queensbury Street. The demo will make way for the proposed new mixed-use development to include around 443 residential units in two buildings. The proposed project will also include 250 below-grade and surface parking spaces.
Sep 12, 2018
$250 Million Development of Motor Mart Garage
CIM Group and Boston Global Investors have submitted a detailed project notification for the redevelopment of the Motor Mart Garage. The plans call for a 20 story tower to rise out of the existing building (for a total of 28 stories). In total approximately 390 residential units (apartments and condos) would be created, ranging in size from studios to three bedrooms. 672 of the current 1037 parking spaces will be retained and around 46,000 square feet of retail space will be renovated.
John Hynes of BGI tells BLDUP the team expects to start construction in October of this year with an anticipated completion in May 2022.
Mar 07, 2018
On Friday, March 2nd, the Los Angeles based, CIM Group filed plans with the Boston Planning & Development Agency to move forward with construction of a 17-story, 280-unit residential tower above the existing nine-story Motor Mart garage located in Boston's Back Bay. This comes two years after the group purchased the garage for $162.5 million in 2016.
Dec 31, 2017
321 Harrison office development in South End could break ground by March
The 321 Harrison office development in the South End will reportedly move forward on a speculative basis, with developers Nordblom Company and CIM Group seeking to start foundation work by March. Per an update by The Boston Sun, the proponents have sought their building permit for the approved eight-story, 232,500-square-foot project and, pending the permit’s issuing, could complete the building by summer 2019. 321 Harrison will be built using a pile system that screws into the building’s foundation, as opposed to noisier pile driving.
321 Harrison will be constructed atop the three-story parking garage of the existing 11-story, 235,000-square-foot 1000 Washington Street office building. CIM Group acquired the 1000 Washington Street property for $114.2 million in cash in September 2017 from a partnership of Nordblom Company and Rubinstein Partners. Nordblom remains a stakeholder in 321 Harrison Avenue and will remain involved with developing 321 Harrison and managing the property.
Dec 15, 2017
400 new residential units proposed for Boston Cab property in Fenway
Cabot, Cabot & Forbes (CCF) and CIM Group, who acquired the 2.16-acre Boston Cab property in the Fenway neighborhood for $51 million last summer, propose to construct two buildings totaling 380,000 square feet on the site featuring approximately 400 residential units. The buildings would be separated by Kilmarnock Street and would feature ground-floor retail space, as well as landscaped areas and other amenities and services for residents. Approximately 300 parking spaces would be located on site both at and below grade. CCF and CIM have filed a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA), formally starting the project’s official review process. The proponents anticipate filing an Expanded Project Notification Form (EPNF) with additional details in the coming weeks.
Dec 11, 2017
278-foot residential tower proposed atop Motor Mart Garage in Bay Village
CIM Group of Los Angeles, who acquired the nine-story, 420,000 square foot Motor Mart Garage at 201 Stuart Street in Bay Village for $162.5 million in October 2016, proposes to construct a 278-foot-tall residential tower above the garage. The existing facade would be renovated, and the garage would continue to be used as vehicle parking, including parking for tower residents; the garage currently contains 1,037 parking spaces. Per The Boston Sun, CIM hopes to start construction of the tower next summer and will likely file a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA) formally proposing the project in the coming weeks.
CIM also acquired the 200 Stuart Street Garage, a seven-story, 826-space parking garage located across from the Motor Mart Garage adjacent to the Revere Hotel, for $95 million in July 2017. CIM has not disclosed plans to construct a tower atop the 200 Stuart Street Garage, which is currently home to the popular Rooftop@Revere rooftop outdoor bar and lounge. A 19-story, 199-foot-tall tower featuring 131 apartment residences and approximately 3,000 square feet of ground-floor retail was recently approved for construction at 212 Stuart Street, next to the 200 Stuart Street Garage and across from the Motor Mart Garage. CIM also recently acquired 321 Harrison Avenue in the South End, a property featuring an 11-story, 235,000-square-foot office building and three-story, 300-car garage atop which an eight-story, 232,500 square foot office development is approved, for $114.2 million in September 2017. CIM is reportedly weighing speculatively constructing the office development.
Sep 18, 2017
CIM Group acquires 321 Harrison Avenue in South End, site of approved office development, for $114.2 million
Los Angeles, CA-based CIM Group has acquired 321 Harrison Avenue in the South End’s New York Streets neighborhood, site of an existing 11-story, 235,000-square-foot office building and three-story, 300-car garage as well as an approved eight-story, 232,500 square foot office development, for $114.2 million in cash. 321 Harrison Avenue’s seller is a partnership of Nordblom Company and Rubinstein Partners, who received approval in 2016 to construct the eight-story office development atop the garage as well as 2,500 square feet of retail or gallery space along the garage's ground floor. Nordblom remains a stakeholder in 321 Harrison Avenue and will continue to manage the property.CIM Group has made a series of major acquisitions in Boston since 2016, most recently acquiring the 826-space 200 Stuart Street Garage in Bay Village, which serves the Revere Hotel, for $95 million and jointly acquiring 2.16 acres of developable land in the Fenway neighborhood with Cabot, Cabot & Forbes for $51 million. CIM Group also acquired the 1,037-space Motor Mart Garage, located across from the 200 Stuart Street Garage, for $162.5 million in October 2016, and 95 Berkeley Street, a 114,000-square-foot South End office building, for $43 million in March 2016.
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