Chicago & Midwest + Midwest + Retail | March 22, 2021

ICP Plans Redevelopment at Chapel Hill Mall in Akron

Industrial Commercial Properties (ICP), based in Solon, OH, finalized its purchase of the Chapel Hill Mall in Akron, acquiring all but the former Macy’s at the foreclosed-upon retail property. ICP now owns 829,000 square feet on 60 acres, including the adjacent former Sears, while the Macy’s was converted to self-storage by Storage of America.

Although deal terms weren’t disclosed, the Cleveland Plain Dealer reported that under a development agreement with the city, ICP is slated to spend a combined $20 million on acquiring the property and the redevelopment project.

ICP plans to redevelop the mall into a business park. “Our company has extensive experience with retail conversions and we believe Chapel Hill Mall is ideally positioned for redevelopment,” said ICP owner Chris Semarjian. “Our track record includes everything from repurposing freestanding big box retail stores to converting former indoor malls and retail power centers into business parks.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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