Los Angeles-based CIM Group, an urban real estate and infrastructure fund manager, together with Boston-based Center Court Mass, LLC, announced that it has purchased 95 Berkeley Street in Boston's South End for $43 million. CIM acquired the property from The Community Builders, a nonprofit urban housing developer in Boston, which purchased the property as their first acquisition in the South End market. The building previously sold for $2,373,100 in 1992. Colliers International represented The Community Builders in the transaction, and markets the property for lease; CIM's representation and terms of the deal were not disclosed.
95 Berkeley Street comprises approximately 103,265 square feet on six floors, plus a basement with parking for 36 cars. Originally built in the 1920's, the property was redeveloped in 1988 by The Community Builders, which previously placed the property on the market in 2004 with Meredith & Grew Inc. for sale as a residential conversion. Formerly the headquarters of Morgan Memorial, the property is prominently situated at the corner of Berkeley and Chandler Streets in Boston's South End and offers immediate access to public transportation located just blocks away from Back Bay Station.
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