Family-owned Natick developer sells Franklin industrial properties to global firm for $38M
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Industrial properties at 25 and 40 Kenwood Circle in Franklin
An affiliate of Natick developer Franchi Management Co. of Natick sold two industrial properties in Franklin to global investment firm Investcorp for $37.5 million.
The sale, including 25 and 40 Kenwood Circle, was recorded by the Norfolk County Registry of Deeds on Wednesday.
The 85,000-square-foot flex space at 25 Kenwood Circle was built in 1988 and the 120,000-square-foot warehouse at 40 Kenwood Circle was built in 1998, according to real estate industry tracker CoStar.
The 25 Kenwood Circle property was last sold to Pasquale Franchi, the founder of Franchi Management for $375,000 in 1993.
The 40 Kenwood Circle property was sold to Franchi affiliate LMF Franklin Corp. of Natick in 1998 for $2 million. Both were sold at the time by Resolution Trust Corp., a former U.S. government-owned management company tasked with liquidating assets, on behalf of Old Stone Federal Savings Bank, a former Rhode Island-based bank.
Pasquale Franchi passed away in 2022, after growing the company from a masonry construction company in the 1950’s into a property management company with more than 1,100 apartments and 500,000 square feet in other commercial real estate.
Investcorp is a global investment firm with its nearest office in New York City. As of June 2022, the firm boasted $50 billion in assets under management across three continents, according to its website.
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