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.
Nov 08, 2019
$3.9M Permit Issued for Interior Renovations at 95 Berkeley St.
A permit valued at $3.9M has been pulled for interior renovations at 95 Berkeley Street. The project will transform all 6 floors of the building, around 91,750 square feet into Class A office space. A common stairway will also be added between the 5th and 6th floors of the building along with a fitness center. The building was acquired by CIM Group and Center Court Mass, LLC in 2016 for $43,000,000.
Oct 18, 2019
Motor Mart Garage Tower Approved by BPDA
The proposed 310 foot, 28-story tower that will sit atop the redeveloped Motor Mart Garage has been approved by the BPDA. The project will include 231 condo units, a mix of studios through 3 bedrooms, some planned as loft-style spaces in parts of what is now the garage. The project will also feature 46,000 square feet of commercial space with plans for 15,000 of that to include a grocery store. Parking on-site will be reduced from 1037 spaces to 672. Affordability requirements for the Motor Mart Garage will be met at the planned Tai Tung Village project, just a half-mile away at 288 Harrison Avenue.
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.
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