Copper Property CTL, a pass-through trust created to acquire 160 JCPenney stores and six distribution centers during the brand’s 2020 Chapter 11 bankruptcy, has secured a buyer for 119 of those locations. The trust entered into a purchase and sale agreement with an unnamed affiliate of Onyx Partners, an investment firm based in Needham, Massachusetts, for $947 million in cash.
This sale follows a comprehensive marketing campaign led by the global real estate services firm Newmark. The properties are leased under a long-term, triple-net master lease agreement with Penney Intermediate Holdings LLC or its affiliates. Copper Property confirmed that the buyer completed due diligence and that the deposit under the agreement is non-refundable.
The portfolio’s average store size is approximately 132,000 square feet, situated on parcels averaging 8.36 acres, according to Newmark. Copper Property was established specifically to own, lease, and sell JCPenney properties as quickly as possible and is externally managed by an affiliate of Hilco Real Estate LLC.