$72.4 million worth of SmithCraft's Milford commercial space and apartment units have been purchased by an Arizona-based company.
"SmithCraft have dissolved their partnership and sold most of their properties to Wharf group," said Bob Gregory, Director of Economic & Community Development in Milford.
The property includes 335 apartment units and 47,600-square-feet of commercial space, CT News reports.
Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap announced it had arranged the sales of two portfolios in Milford. IPA said the sale went to separate investors, including Wolff Spinnaker Brook LLC.
"SmithCraft was a local group and they did a lot of great things. Bob [Smith] and Phil [Craft] have been discussing dissolving the partnership for a while. Bob Smith will still be here and still doing stuff. It was just time for them to move on," Gregory added, regarding the sale.
Although they have sold off their property, Bob Gregory credits Bob Smith and Phil Craft with being part of a "renaissance" of local development in Milford.
"They practically did it single-handedly," Gregory said.