Concord Mall to get new owners, Chicago-based company to take over operations
ELKHART COUNTY, Ind.—Change is on the horizon for Elkhart's Concord Mall.
Concord Mall will soon have new owners, according to S.L. van der Zanden, the CEO and Managing Principal of CapRock Real Estate, the company that will take over the mall's operations and lease out its space.
CapRock Real Estate is a Chicago-based commercial real estate firm that will take over management and operations of the mall located on S. Main Street in Elkhart.
The sale is set to be finalized on February 6, van der Zanden said, and an affiliate entity will become the mall's new owners while CapRock will run the mall's operations.
Van der Zanden said in a phone call Wednesday that the firm has big plans for the mall, including bringing in a 20,000 square foot retail tenant and converting unused retail space to office space.
“There are no plans to close the mall,” van der Zanden said, adding that the firm hopes to "clean up the mall’s image," attract new tenants and increase overall traffic to the shopping center.
The 12-year-old firm already has three other Michiana properties in their portfolio, including an industrial center on Crescent Circle in South Bend, a medical building on Main Street in Mishawaka, and a retail strip mall on M-139 in Benton Harbor.
CapRock's current portfolio boasts over 1,000,000 square feet in commercial real estate.