GFI Partners' purchase of 53 Ayer Rd. in September 2001 includeda 400,000-sf existing building situated on 74 acres. This pastApril, GFI purchased 108 acres of industrial-zoned property onRoute 2A which is located in back of the first parcel. The firmacquired the property from 53 Ayer Rd. Associates for $3.9 million.GFI planned to develop 600,000 sf of single-story industrial spaceon this property.

Currently, GFI has approval to build 840,000 sf of distributionspace on the excess land in two buildings--one of 480,000 sf andone of 360,000 sf. The first phase of development is 240,000sf--one half of the 480,000 sf building--and is the phase which isscheduled for completion this October.

"We believe the overall construction and design elements of theLittleton Distribution Center will not only attract the local andregional industrial users, but satisfy the standards of the mostdiscriminating national companies," says Matt Laraway, director ofbrokerage for GFI Partners. Cutler Construction is the contractorfor the project, while financing is being provided by Wells FargoBank. CB Richard Ellis/Whittier Partners is in charge of leasingwith Robert Gibson, Mark Reardon and Bruce Levine, all partners ofthe firm, working on the project.