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.