CBRE Arranges Sale of Newly Renovated 112,862-SF Industrial Property in Northern Indiana

CBRE has arranged the sale of a 112,862-square-foot industrial property located at 3701 S. Main Street in Elkhart, Indiana. Vault Equity Partners purchased the property from Industrial Commercial Properties (ICP).

CBRE’s Will Roberts, Steve Timmel and Chris Deutscher represented the seller in the transaction.

“This was a unique opportunity given the asset was a former JCPenney’s retail location that was fully renovated and converted into a highly functional distribution facility,” said Roberts. “Overall, this is a fantastic property with new modern amenities leased to a market-leading tenant that is a mainstay in the local community. The sale also shows the continued strength of investor demand for quality single-tenant industrial assets throughout the Midwest.”

ICP redeveloped the former Concord Mall into Concord Business Park through a full interior demolition, increased clear heights, and the addition of loading docks and drive-in doors, including converting the former JCPenney into a freestanding industrial facility now occupied by LEER Group.

The project reflects a strategy ICP has successfully implemented across eight regional malls nationwide, leveraging existing infrastructure, including strong power capacity, utility systems and access to major transportation corridors. Through this approach, ICP converts obsolete retail properties into modern hubs for manufacturing, distribution and job creation.

The property was 100% leased at the time of the sale.