CHICAGO—Since it was founded in 1997, the core business of MACK Companies has been the development of residential properties, but the firm has decided to branch out and expand into the commercial market by buying two shopping centers and an office building in its suburban hometown of Tinley Park. MACK will provide property management for all three buildings, which were in foreclosure when it picked them up in September.
“For the past 16 years, MACK's focus has been on raising the quality of life for residents in key Chicagoland communities, like Tinley Park, by delivering quality redeveloped housing,” says Eric Workman, vice president of sales and marketing at MACK. “Entering the commercial market by delivering prime retail and office space in these communities is a natural extension of what we do best.”
The firm bought Gateway Plaza, a 7,500-square-foot shopping center at 6800 Oak Park Ave. for $375,000. MACK has already begun interior renovations on the mix of retail, office and commercial space, and plans to start exterior renovations in the spring of 2014. “Gateway Plaza was aptly named, because it truly is the gateway to Tinley Park,” adds Workman. “It corners the intersection coined as 'Gateway' by the Village, because it's located at the southernmost point of Tinley Park, is just a mile from downtown and only 1½ miles from the First Midwest Amphitheater.” Current tenants include Ames Tools and Signature Dry Cleaners, with 4,500-square-feet of available retail space.
High Pointe Plaza, the second purchased center, has 11,953 square-feet and sits about 10 blocks north of Gateway Plaza at 6787 159th St. Betscher Cleaners and Indy Mac Holdings LLC currently occupy a total of 5,361-square-feet, with 3,950-square-feet of retail and office space available.
And in early 2014, about 40 MACK employees from the firm's executive management, operations, accounting and sales and marketing divisions will move into Centennial, the third property, an 8,000-square-foot office building at 6820 South Centennial Dr., just two blocks north of the Fulton House, the firm's present headquarters. “As we've expanded our business, we've also expanded our resources,” says Workman. “While we'll keep the historic Fulton House, we needed a larger headquarters to accommodate our firm's exponential growth.”
For more than 16 years, MACK's core business has been to purchase bank-owned properties, redevelop them to new construction standards and deliver affordable for-sale and rental housing. The firm currently owns and manages more than 1,000 homes in the Chicagoland area.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
