On Thursday, Hilco JCP, LLC announced that they are bringing 121 net-leased JCPenney properties to the market. These properties are located across 35 states and total over 16 million square feet. The majority of the portfolio is situated in major metropolitan areas such as Austin, Miami, Houston, Los Angeles and New York. Additionally, half of the portfolio is located in Sunbelt states with Texas having a total of 21 properties.
Each store averages around 132,700 square feet and is under an absolute triple-net long-term master lease with JCPenney as the sole tenant. This retailer is owned by a joint venture between two prominent retail mall owners in the U.S., Simon Property Group and Brookfield Asset Management.
To market this portfolio nationally, Hilco has chosen Newmark’s retail capital markets team. Offers for these properties must be submitted by February 26th . For more information on this opportunity click here.
