GREENFIELD, MA-Development Associates, a private real estate investment group, has acquired 101 Munson St., a first class office building located just off Interstate 91. The company purchased the 146,000-sf building from Phoenix Home Life Mutual Insurance Co. for $3.75 million, secured by a $3.6 million note from Greenfield Savings Bank.

The new owners plan to make substantial upgrades to the multi-tenanted building, whose current occupants include Phoenix Home Life and General Electric Financial Advisors.

CB Richard Ellis President William Farley joined colleagues Raymond Ferrari, John Williamson and Thomas York in brokering the deal on behalf of the sellers.

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