65.5-acre MassMutual office campus in Enfield sells for just under $4M
CoStar
100 Bright Meadow Blvd, Enfield
A Branford-based development group has paid $3.99 million for the 65.5-acre MassMutual office complex off Interstate 91 in Enfield.
The property had been on the market since early 2018, when MassMutual announced plans to move about 1,500 jobs to Springfield. That cost the town its largest single employer.
In a deed recorded May 5, MassMutual sold its campus, and a neighboring sliver of land, to limited liability companies sharing a Branford address with MB Financial Group. CBRE's Hartford office represented the seller.
The Branford real estate development and investment group has recently acquired several high-profile properties, announcing plans for apartment developments. But it has also pursued retail and parking projects.
The company and Enfield officials are so far not revealing development plans for the site.
MB Financial CEO and Managing Partner Michael Massimino – principal of the LLC that bought the MassMutual campus – declined immediate comment when reached Wednesday.
Enfield Economic Development Director Aaron Marcavitch, reached Thursday, said a sports complex proposed by New York-based developers last year is off the table. He said the town has had preliminary discussions with the new owner but could not share details of any prospective development plan.
“This is a major property in town with many opportunities,” Marcavitch said. “We are pretty excited about whatever comes forward and we are looking forward to working with them and making sure it has some positive impacts for the town.”
The property at 100 Bright Meadow Blvd., is significant. According to town assessor records, it features a four-story, 472,536-square-foot office building, 452,298-square-foot parking garage, 6,375-square-foot daycare center building and a helipad.
MassMutual bought the property from Phoenix Home Life Insurance Co. for roughly $27 million in 2004, and then completed a $38 million renovation in 2014. That project included upgrades to infrastructure and technology, improvements to common areas of the office space, such as lobbies and conference rooms, and a new data center that would also deliver standby emergency power to the rest of the campus.
MB Financial, in December, paid $3.75 million for WWE’s former Stamford headquarters, a 90,000-square-foot, six-story building, which it plans to convert into apartments.
Massimino, in March, said he expected the property to yield 80 to 90 units.
MB Financial has several active multifamily developments in Connecticut in Clinton, Stratford, Southington and Bridgeport.
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