Jersey City, N.J. — Onyx Partners of Boston has entered into a binding purchase and sale agreement to acquire 119 JCPenney stores from Copper Property CTL Pass Through Trust, a real estate investment trust created as part of JCPenney’s 2020 Chapter 11 bankruptcy filing, for $947 million. The sale price represents roughly $8 million per store property. The portfolio, which totals nearly 16 million square feet across 34 states, is net leased to JCPenney under a long-term master lease with Penney Intermediate Holdings LLC.
The all-cash sale is scheduled to close on or before Sept. 8 and will generate approximately $100 million in first-year net revenue from existing leases.
The agreement allows for the potential termination of individual property sales under specific circumstances, such as ground lessor or reciprocal easement purchase options, title issues, damage, or condemnation proceedings.