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Flaum buys area portfolio

Rochester Business Journal
January 10, 2014

Flaum Management Co. Inc. has added to its local real estate assets, acquiring six properties this week.
 
Records filed with Monroe County, along with additional data provided by the Henrietta town assessor's office, show the properties' combined assessed value at some $11.55 million.
 
The Rochester-based firm acquired the office building portfolio in a transaction that closed Monday for an undisclosed amount.
 
The properties are in Brighton, Greece and Henrietta and total 188,000 square feet of leasable space.
 
The company declined to provide additional information on the deal.
 
The buildings acquired are as follows:

  • 150 Bellwood Drive, Greece;
  • 1057 East Henrietta Road, Brighton;
  • 2100 Brighton-Henrietta Town Line Road, Brighton;
  • 2144 Brighton-Henrietta Town Line Road, Brighton;
  • 2165 Brighton-Henrietta Town Line Road, Henrietta; and
  • 3144 S. Winton Road, Henrietta.


The properties, formerly owned by New York City-based Garrison Investment Group, were acquired as a single portfolio.
 
"We have a great deal of confidence in the Rochester market," said David Flaum, CEO of Flaum Management, in a statement this week. "These properties already have a strong roster of national and local tenants.
 
"Our team looks forward to filling the leasing opportunities that remain. We have had significant leasing inquiries in the short time we have been involved with them."
 
Gov. Andrew Cuomo's plan for economic growth in Upstate New York has given him confidence to invest in Rochester, Flaum said. That includes the creation of Start-Up New York, which gives businesses the opportunity to operate free of state and local taxes on or near academic campuses.
 
"We look to utilize the tax-free zones created under Start-Up NY to further promote economic development in the region and at these properties specifically," Flaum said.
 
Flaum Management owns and manages several million square feet of commercial real estate throughout the Northeast. The firm specializes in the redevelopment of underperforming properties.
 
Among its properties are the Triangle Building at East Avenue and Main Street, the Harro East Building on Andrews Street and a 250,000-square-foot manufacturing complex at 1999 Mt. Read Blvd.
 
Last summer, Flaum attracted attention when the Seneca Nation of Indians announced a deal with his firm, Flaum Rochester LLC, to determine if a gaming and hospitality venue would work in Henrietta.
 
Flaum has worked with the Seneca Nation in the past in an effort to build a casino in the Rochester area and in the Catskills.

1/10/14 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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