New York Life Real Estate Investors has acquired a pair of industrial properties in Franklin and Northborough for a combined $50.5 million.

On behalf of institutional investors, New York Life acquired 55 Lyman St. in Northborough for $26.8 million and 20 Freedom Way in Franklin for $23.7 million.

“55 Lyman St. and 20 Freedom Way are core warehouse assets that are well located and 100 percent leased to credit tenants with no near-term rollover in a supply-constrained market,” Steven Osborne, senior director of New York Life Real Estate Investors, who oversees acquisitions in the Boston market, said in a statement. “This investment provides stable and predictable cash flow from a diverse tenant base.”  

55 Lyman St. is a 260,760-square-foot class A distribution facility. 20 Freedom Way has 234,664 square feet of class A distribution space in Franklin Industrial Park. The buildings are 100-percent occupied by three tenants with long-term leases.

New York Life Real Estate Investors is a division of New York Life Investments and NYL Investors LLC, wholly-owned subsidiaries of New York Life Insurance Co.