An entity registered to executives of GID, a national developer with corporate offices in Boston, has purchased a property belonging to Littleton stone company Stoneyard Inc. at 265 Foster St. for $13.6 million.
The property was sold by an entity registered to members of the Croteau family, who own Stoneyard Inc. Their company acquired the property in 2020 for $7.4 million, according to the Middlesex South Registry of Deeds.
The Croteaus’ sale to GID includes the property the Stoneyard business sits on, but did not involve the sale of the business, which will consolidate at the company’s 2 Spectacle Pond Road facility in Littleton as of Sept. 19. The land deal closed Thursday.
“Since we sell our product line nationally and ship across the U.S., focusing our investments on manufacturing thin stone veneer in one location will increase our production efficiency and shorten the time from manufacturing to pickup and delivery of our thin stone veneer, ” David Croteau, co-founder of Stoneyard, said in a July 21 email.
GID did not respond Monday to a request for information about what its plans are for the property. The company has developed multi-family communities across the country including Windsor Ridge at Westborough. It also has an extensive portfolio of industrial, mixed-use properties.
The property is located at the nexus of Route 2 and I-495 and is next to the Littleton/Route 495 MBTA Commuter Rail station.
