Mack Real Estate Launches NEXT Property Management
- Dec 10, 2020
Mack Real Estate Group has expanded its Mack Property Management LP business unit, which oversees the MREG real estate portfolio, to accommodate the needs of other property owners with the introduction of NEXT Property Management, a new third-party property management service. NEXT will provide offerings to owners of multifamily and office assets across the U.S.
“Our property management infrastructure is well established through Mack Property Management, and the launch of NEXT is an extension of this platform and the result of long-term planning toward expansion of a business line with good growth potential,” Jennifer Willstead, president of Mack Property Management LP, told Commercial Property Executive. NEXT, named to reflect MREG’s contention that the real estate industry is primed to move beyond the status quo to the next level of performance, offers clients strategic solutions enhanced by state-of-the-art property management technology designed to increase efficiencies and enhance tenant services.
With industry veteran Jeff Cruz in place as vice president of business development of NEXT, MREG is prepared to hit the ground running with its new endeavor. “We are targeting significant expansion of our third-party management portfolio in our existing major U.S. markets, with a goal to expand into new markets in the near future,” Willstead said. Currently, Mack Property Management operates in key urban and suburban locations in nine states across the country, including California, Oregon and Washington on the West Coast and Massachusetts, New York and Florida along the Eastern Seaboard.
MREG has had a few busy months. The launch of NEXT comes on the heels of the company’s September announcement of the rebranding of its national property management affiliate from Winthrop Management LP to Mack Property Management. The move marked a step in the seven-year-old company’s consolidation of its vertically integrated real estate platform under the Mack name, and paved the way for the establishment of NEXT as its new dedicated property management brand.
As it expands its business, MREG continues to expand its portfolio. In October, the company announced its $59 million acquisition of The HUB at Goodyear, a new industrial facility encompassing approximately 794,000 square feet in Goodyear, Ariz., marking one of the Phoenix area’s largest industrial transactions of the year.