Los Angeles-based CIM Group and LAZ Parking Realty Investors acquired the 1,037-space Motor Mart Garage at 201 Stuart St. in Boston for $162.5 million.

Citibank provided $90.1 million in mortgage financing.

The nine-story Art Deco structure was built in 1927, replacing a 4-story garage on the 1.2-acre site. It was renovated in 1998-1999 with new exterior stone and granite panels. LAZ will operate the parking garage.

The 419,328-square-foot building contains 50,000 square feet of retail space occupied by Maggiano’s Little Italy, Legal Sea Foods, Fleming’s Steakhouse, Hertz and Dollar Rent A Car.

Cushman & Wakefield’s capital markets team represented the seller, Park Square Revival Corp. of Wellesley.

CIM Group also acquired 95 Berkeley St. in Boston’s South End, a 114,000-square-foot office building, for $43 million last year in a joint venture with Center Court Mass LLC.