MassMutual subsidiary pays $34.5M for Franklin warehouse
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100 Financial Park in Franklin
A subsidiary of Springfield insurance company MassMutual has paid $34.5 million for a nearly 250,000-square-foot distribution center in Franklin.
Barings, a real estate investment manager with local offices in Boston, announced its purchase in February, which it said was on behalf of institutional investors. The site, at 100 Financial Park, includes roughly 51 acres, according to town records.
The building, with 80 docks, was entirely pre-leased prior to the close of the deal in January, Barings said.
The property last sold in June 2019 for $17.6 million, with a limited liability firm registered to Berkeley Partners of San Francisco buying the site from a limited liability firm registered to the address and president of Boston's Matteson Cos., a real estate investment firm.
Matteson bought the site in 2015 for $14.3 million. The Town of Franklin last assessed the site at $12.3 million.
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