Idyl
Update
07/04/17
Cabot, Cabot & Forbes and CIM Group acquire 2.16 acres in Fenway from Boston Cab owner for $51 million
Joint venture partners Cabot, Cabot & Forbes and CIM Group have acquired 2.16 acres of land in the Fenway neighborhood, spread across six parcels, from Boston Cab owner Edward Tutunjian for $51 million in cash. The sale amounts to nearly $24 million ($23,611,111.10) per acre. The parcels are currently leased to two restaurants, a convenience store and Boston Cab, which utilizes the surface lots and garages on site. The existing businesses will remain for about two years, after which Cabot, Cabot & Forbes and CIM Group intend to construct a new residential development project. The acquisition is one of CIM Group’s two recent major deals in Boston, the other being the acquisition of the 200 Stuart Street Garage in Bay Village for $95 million.
