The $5.75-million purchase marks the first in Illinois for New York-based Mascia Development LLC, a national real estate development and investment firm.
"I wish the market was still at ‘rock bottom,’ but in this case we believe we found an outstanding location at a great price that we plan to own for a long time,” said Mark Mascia, president and CEO, Mascia Development LLC.
Orland Park's smart-growth planning and solid retail base—combined with the growing popularity of craft brews—drew Mascia to the location.
Mascia, LLC had been scouting locations in Orland Park for "a while", including places like Houlihan's. The strong brand behind Rock Bottom tipped the scale in its favor. The 9,500 square foot property is one of 30 locations owned by the parent company Craftworks Inc.
"When we go into a new market, we like to follow an established brand," Mascia said.
“Orland Park is an amazing part of the Chicago metro market, and we are surrounded by great neighbors. ... This acquisition is part of our strategy to further diversify our holdings as we strive to become a recession-proof investment and development company.”
The company is also looking into purchasing property in proximity of the restaurant.
"We're hopeful some of the things we're working on will come to fruition," he said.
Customers can expect both the brand and location to stay much the same, Mascia said.
"We bought it as a Rock Bottom, and we hope it will always be a Rock Bottom."
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