MALTA — Recently known as 101 State Farm Place, Malta Grove was auctioned off earlier this year to the new property owner Flaum Management Co. Inc.
Flaum Management is a commercial real estate agency based in Rochester, New York. They purchased the 25-acre property for $2 million, which holds a 120,000 sq-ft building.
Flaum Management is highly motivated to fill the building and will demise the space to accommodate tenants requirements. The building is currently available for lease in suites ranging starting at 10,000 sq-ft. Loren Flaum, CFO of Flaum Management, said the family business is very tenant-orientated.
“We are very tenant focused…good tenants come first in our business. We’re very hands-on, we're not an absentee landlord, with over 500 tenants we put them all first,” Flaum said. “We service our tenants and give them whatever they need such as a cost effective solution. We have a very attentive 24/7-customer-service.”
Flaum said the management team enjoys the redevelopment opportunities Saratoga County and the Capital Region offers.
“We found that the economy in the capital region is very strong we like the prospects,” Flaum said. “We have a property management team in Albany and we’re gearing up to do more in the capital region.”
Flaum management is known for taking vacant properties and used properties to redevelop them and bring life back to them. Flaum mentioned re-naming the property to Malta Grove would fit better within the landscape.
“The location is phenomenal, it’s right off the highway and across the street from the new hospital and YMCA. We have been very successful in re-developing and we will use that same model for this building,” Flaum said. “We love the economic prospect of the area and the growth. We only look at acquisitions that we can really help benefit tenants because without them, we would have nothing.”
Flaum Management worked with Peter Struzzi, SIOR at Cushman & Wakefield. Struzzi joined the company in 1998 and serves as the Real Estate Broker for the Albany Office. As for the future of Malta Grove, Flaum and his family are excited for the opportunity to expand in Saratoga County.
“We just want to see this building become vibrant again and have more life,” Flaum said.
Flaum Management is also the owner of Latham Farms, located at 579 Troy Schenectady Rd and Queensbury Plaza.