A family that runs a Middletown manufacturing business recently paid $3.5 million for the 31,920-square-foot industrial building that has housed its operations for several years. In a deed recorded July 9, a limited liability company headed by Louis and Nancy Tashash, of Old Lyme, bought the 1978-vintage, metal-sided building on 3.8 acres at 2303 South […]
A family that runs a Middletown manufacturing business recently paid $3.5 million for the 31,920-square-foot industrial building that has housed its operations for several years.
In a deed recorded July 9, a limited liability company headed by Louis and Nancy Tashash, of Old Lyme, bought the 1978-vintage, metal-sided building on 3.8 acres at 2303 South Main St. from their landlord.
The seller was a limited liability company headed by Jonathan Gavin, of Yalesville.
The building houses Compass Powder Coatings LLC, an 18-employee operation that provides powder-coating and related finishing services for automotive parts, cabinetry, architectural components and products used in various other industries.
Nancy Tashash, Compass’ bookkeeper and part-owner, said buying the property gives the business greater control over its real estate costs.
“The lease was coming due in a few years, and it just made sense to buy it because leasing is a waste of money,” Tashash said.
The Tashash family has operated Compass for eight years and has more than 30 years of manufacturing experience. The family also owns a McDonald’s restaurant in Portland.
The acquisition was financed in part with a $1.75 million mortgage from Guilford-based Ascend Bank and a $1.43 million U.S. Small Business Administration loan through Hamden-based Community Investment Corp.
Compass’ investment demonstrates confidence in its future, as well as its commitment to Connecticut, said CIC President and CEO Louis G. Silva. The loan also aligns with the SBA’s commitment to domestic manufacturing, he said.
Silva credited Colliers Principal Philip L. Gagnon’s knowledge of the SBA’s 504 program with making the purchase possible. Gagnon represented the buyers.
“By helping a Connecticut manufacturer transition from leasing to ownership, this financing supports business growth, strengthens local industry, and advances the type of economic development outcomes the SBA 504 program was created to achieve,” Silva said.
Harley James, vice president of Yalesville Properties, represented the seller.
