An Elkhart County Superior Court judge says the buyers of Concord Mall are in default. The Elkhart Truth reports Chicago-based Ton Real Estate Investments X LLC still owes nearly $7 million for the property and other costs after acquiring the mall in February 2020.
Judge Teresa Cataldo also appointed a property manager for the mall to deal with ongoing issues at the site, including an HVAC system that reportedly has not been running in the summer, according to the publication. South Bend-based Bradley Co. LLC has been named as receiver for the property.
As part of the judge’s ruling, Ton Real Estate will be barred from collecting rents from tenants and must turn over various records and funds related to the mall.
Last week, Ton Real Estate filed a response to the initial complaint, saying it disagrees with the full amount it is said to owe. However, the company says it has “made arrangements to secure alternate financing which will pay all amounts due.”
You can read the full story from the Elkhart Truth by clicking here.