There was nothing cavalier about Cleveland-based Industrial Commercial Properties' approach to switching up the pace at a former Indiana mall.
ICP completed a transformation of the roughly 600,000-square-foot Concord Business Park regional mall into a mixed-use building with retail on one end and warehousing and manufacturing on the other.
The transformation was recognized as the redevelopment of the year in South Bend, Indiana, as part of the 2025 CoStar Impact Awards, which were judged by real estate professionals familiar with the market.
"We are excited to enter the great state of Indiana," said Chris Semarjian, owner of ICP. "We have a unique expertise in redeveloping regional malls into thriving business parks."
ICP tapped Pinnacle Properties to serve as the brokerage firm to lease the newly remodeled warehouse space. Sierra Forest Products and Mox Distribution signed leases prior to the completion of the redevelopment.
About the project: The Concord Business Park is nearly 600,000 square feet and was renovated in March 2024. Hobby Lobby is the sole anchor tenant on the retail end of the building.
What the judges said: "Struggling malls can be an eyesore, but additionally I believe that deters investors and developers from investing capital in areas. This will not only make great use of the space that exists, but help bring additional investments to this area," said Connor Oke, senior vice president at Bellagio Real Estate Partners.
"I valued the Concord Mall years ago for the former owners. Finding an adaptive reuse for this property was critical to that area of Elkhart and a good example for other developers across the Midwest with malls facing vacancy issues," said Damien A. Yoder, first vice president at Marcus & Millichap.
They Made It Happen: Ryan White, managing broker and partner at Pinnacle Properties; Kristen Ritchey, director of marketing at Pinnacle Properties; Christopher Semarjian, owner of Industrial Commercial Properties; Austin Semarjian, executive vice president at Industrial Commercial Properties; Jeffrey Martin, senior vice president of development at Industrial Commercial Properties; and Jake Backler, project manager at Industrial Commercial Properties.