Overview
- Copper Property CTL Pass Through Trust agreed on July 25 to sell 119 JCPenney store properties to an affiliate of Boston private equity firm Onyx Partners for $947 million in cash.
- The transaction spans 35 states with the largest clusters in Texas (21 stores) and California (19 stores) and remains on track to close by September 8.
- All 119 properties are subject to triple-net master leases, which leave JCPenney responsible for rent, taxes, insurance and operating expenses after the sale.
- After deducting closing costs, JCPenney principal financial officer Larry Finger said the trust will distribute about $928 million to $932 million to creditors.
- Real estate advisors Newmark and Hilco Real Estate conducted an exhaustive marketing and vetting process to solicit and evaluate offers for the portfolio.