In the aftermath of the retailer’s bankruptcy reconstitution, Copper Property CTL Pass Through Trust has sold its real estate portfolio, now consisting of the 119 J.C. Penney stores, to Onyx Partners for the aggregate purchase price of $947 million.
Onyx Partners, a real estate, asset and private investment management organization, purchased the stores subject to a long-term triple-net master lease with Penney Intermediate Holdings and its affiliates. The transaction’s scheduled to close is on or before September 8.
Copper previously sold its JCPenney Distribution Center Portfolio for $557.2 million to National Industrial Portfolio Property Owner, a commercial properties firm. The DC portfolio included six distribution centers aggregating 10.1 million square feet and the sales were also subject to a long-term triple net master lease with JCPenney.
Copper Property is an entity created at the time of JCPenney’s 2021 emergence from bankruptcy as a private company to sell off properties its new owners, Simon Property Group and Brookfield Asset Management, did not retain. JCPenney recently merged with the SPARC Group to form Catalyst Brands.
