Private equity firm with stake in Miami Dolphins buys Franklin warehouse for $32.4M

Two and a half years after selling for $28 million as part of a larger deal, the site of a  152,752-square-foot warehouse in Franklin has been sold again.

The warehouse, located at 206 Grove St. and leased to delivery service UPS, has been offloaded for $32.4 million in a deal finalized on Friday, according to Norfolk County Registry of Deeds records. 

It was sold by an entity belonging to Westbrook Partners, a Florida-based real estate firm, which had bought the site in July 2023.

The property was purchased by an entity belonging to Ares Management Corp., a Los Angeles-based private equity firm. Established in 1997, the firm has about $596 billion in assets under management across a number of industries, according to its website.

In 2024, Ares Management purchased a 10% share of the Miami Dolphins, after National Football League owners voted to approve a rule allowing for private equity firms to buy up to 10% ownership of franchises, according to The Athletic. 

Climbing demand for e-commerce space and a limited construction pipeline have led to rising demand for warehouses, according to Supply Chain Dive. 

The warehouse at 206 Grove St. was constructed in 2021, according to real estate data firm CoStar. Sitting on 10.22 acres, it contains 34 docks, two drive-in bays, and parking space for 20 industrial trailers. 

The property received a 2026 tax assessment value of $22.87 million, according to Town of Franklin property records. 

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.