A Milford office building that sold for $4.45 million less than two years ago has traded again — this time for $2.35 million — in a court-approved sale following a receivership.
The 176,240-square-foot property at 440 Wheelers Farm Road, built in 1988 and renovated in 2021, was purchased by 440 Wheelers Farm Road LLC, which is controlled by RDS Holding Five LLC. State records show RDS is controlled by commercial real estate developer Robert Scinto.
Scinto on Monday said he plans to continue operating the property as an office building and is seeking tenants.
“We are going to lease as office space,” he said via email. “It’s a great building.”
The seller was Joffe Paulding 19 LLC, an Atlanta-based entity that acquired the property in June 2024 for $4.45 million, according to property records.
The latest transaction represents a steep decline in value in less than two years, underscoring ongoing distress in the office market.
The sale was completed through a court-supervised receivership process after a Georgia court appointed a receiver in September 2025 to take control of Joffe Paulding 19 LLC’s assets, including the Milford property, according to a complaint filed in Connecticut Superior Court.
Court filings show the property had accumulated significant financial strain, including roughly $500,000 in unpaid invoices, delinquent taxes and utility bills, while rental income was insufficient to cover ongoing expenses.
The receiver, John F. Kennedy, was authorized to market and sell the property, and had entered into negotiations with Scinto prior to the sale.
A Superior Court judge in Milford approved the purchase and sale agreement in March 2026, clearing the way for the transfer of the property to Scinto’s entity.
The four-story building, also known as the Great River Corporate Center, sits on about 11.8 acres in an office park near the Merritt-Wilbur Cross Parkway and Milford Connector, about 5 miles from the Milford Metro-North station.
The property has changed hands multiple times in recent years. It sold for $7.1 million in 2023 and $4.45 million in 2024, down sharply from its $27.1 million sale price in 2007.
The building has been partially leased to a mix of tenants, including media, technology and business services firms, according to court documents.
