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Onyx Partners Secures $947 Million Purchase of 119 JCPenney Stores

Finalized due diligence paves the way for a September 8 close, securing roughly $930 million for creditors.

JCPenney strikes $947 million deal to sell 119 store properties.
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Overview

  • An affiliate of Boston-based Onyx Partners has completed its due diligence, making its all-cash $947 million deposit non-refundable under the purchase agreement.
  • Copper Property CTL Pass Through Trust, formed by JCPenney’s secured lenders after its 2020 bankruptcy, will transfer the 119 net-leased properties by September 8, 2025.
  • After transaction and closing costs, the sale is projected to deliver between $928 million and $932 million to JCPenney’s creditors.
  • The portfolio, covering 35 states with concentrations in Texas (21 stores) and California (19 stores), will remain fully operational under existing net-lease agreements through the transition.
  • Newmark conducted an exhaustive marketing process under Hilco Real Estate’s direction, attracting multiple bids before selecting Onyx Partners as the preferred buyer.