Two more Boston parking garages are under new ownership with purchasers paying $284.2 million to acquire sites in the thick of the city’s ever-growing list of development hotspots.

Brooklyn, New York-based Fortis Property Group closed on its $170-million acquisition of the Dock Square garage next to Faneuil Hall Marketplace on Wednesday. The property at 20 Clinton St. was sold by the original developer, Boston-based Dock Square Parking Assoc.

And CIM Group paid $114.2 million on Friday for the 242,000-square-foot 1000 Washington St. and 321 Harrison Ave. in South End. The properties includes a 242,000-square-foot office building and 4-story, 309-space garage. The sellers were Burlington-based Nordblom Co. and Rubenstein Partners of Philadelphia. Nordblom will continue to manage the property.

The property is bracketed by Ink Block and three parcels where Boston-based Davis Cos. this month submitted plans for 517 residential units.

The 1.2-acre Dock Square property was marketed by Newmark Grubb Knight as a redevelopment opportunity with the potential to build additional floors atop the 6-story garage, with zoning allowing 125-foot-tall structures. Built in 1980, the 698-space garage is one of the city’s most lucrative, according to brokers, and is likely to be retained.  The 264,462-square-foot garage overlooking the Rose Fitzgerald Kennedy Greenway also contains 16,100 square feet leased to Hard Rock Cafe.

MetLife provided $110 million in mortgage financing.

Developers Pay $284M For Boston Garages, Office Building

by Steve Adams time to read: 1 min
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