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3w ago

JCPenney Sells 119 Stores to Onyx Partners for $947 Million

Scheduled to close on September 8, 2025, the sale will unlock nearly $930 million for JCPenney’s creditors under a net-lease arrangement that keeps stores open

JCPenney strikes $947 million deal to sell 119 store properties.
FILE - In this May 10, 2006 file photo, a customer leaves a JC Penney Department store in Cupertino, Calif. Beginning in February 2013, customers will be able to visit distinct Martha Stewart retail stores inside the majority of jcpenney department stores. These Martha Stewart stores are intended to be destinations where consumers can experience an engaging and inspiring environment and buy a variety of affordable, high-quality home and lifestyle merchandise designed and curated by Martha Stewart and her team. (AP Photo/Paul Sakuma, File)

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.