The Hartford headquarters of printing and graphics provider Joseph Merritt & Company has been put up for sale for $990,000, records show.
The company, which has expanded in recent years with an acquisition and new space in East Hartford, doesn’t currently own the 22,572-square-foot property at 650 Franklin Ave. It leases it for production and warehouse space and a showroom.
The property is owned by 650 Franklin Avenue LLC, whose principals are Ted and Peggy Crew, state records show. Joseph Merritt’s lease runs through Dec. 31, 2024.
Joseph Merritt President and COO Kevin Perry said Thursday morning the company doesn’t currently intend to buy the building, and is weighing its location options once the lease runs out.
The commercial printing shop has various locations around the state, including in Danbury and New Haven.
“We’re not looking to buy it at this juncture just because of the volatility of the market,” Perry said, adding there are benefits to the company remaining in Hartford. “We know Hartford, our clients know us at that location.”
Earlier this year, Joseph Merritt was among many Connecticut companies that pivoted amid the COVID-19 pandemic by making and selling face shields and social distancing floor decals.
Company President and COO Kevin Perry told HBJ in April that the diversification play was meant to keep workers employed amid a drop off in revenues.
Joseph Merritt did receive a Paycheck Protection Program loan worth between $350,000 and $1 million, according to the U.S. Small Business Administration.
Ian Hunt, of Colliers International, which is handling the property sale, said the building “presents an investor with an opportunity to generate an attractive yield through a triple net lease from a high quality regional tenant with an extensive operating history at the property and in the south Hartford market.”
