CBRE has brokered the sale of a 112,862-square-foot industrial facility located at 3701 S. Main Street in Elkhart, Indiana. The property, which was marketed as a single-tenant industrial asset, changed hands as part of a broader repositioning of a former regional mall into an industrial business park.
Vault Equity Partners acquired the Elkhart property from Industrial Commercial Properties (ICP). CBRE professionals Will Roberts, Steve Timmel and Chris Deutscher represented the seller in the transaction. The parties did not disclose sale pricing or other financial terms.
The industrial building was previously occupied as a JCPenney retail store before being fully renovated and converted into a modern distribution facility. According to CBRE, the transaction underscores continued investor appetite for high-quality, single-tenant industrial product across the Midwest, particularly where older retail footprints have been repositioned into logistics and distribution uses.
ICP undertook a significant redevelopment effort at the larger site, transforming the former Concord Mall into Concord Business Park. The company executed a full interior demolition, increased clear heights, and added new loading docks and drive-in doors to support industrial functionality. As part of that program, ICP converted the former JCPenney box into a freestanding industrial building.
The property at 3701 S. Main Street is now occupied by LEER Group, reflecting the successful transition from traditional retail to industrial tenancy. At the time of the sale to Vault Equity Partners, the building was reported to be 100% leased, providing the buyer with a fully stabilized income stream at closing. The conversion and lease-up of the former department store demonstrate how former mall anchors can be repositioned into distribution space that aligns with current industrial demand.
The Elkhart transaction adds to a growing list of redevelopments where older enclosed malls are being reimagined as industrial and business park assets. While detailed financial terms were not disclosed, the combination of a full-building lease, recent capital improvements and a single-tenant distribution layout positions the property as a stabilized industrial investment within the Concord Business Park setting.
