**CTL Trust Sells JCPenney Portfolio for $947 Million**
Copper Property CTL Pass Through Trust has announced the sale of a 119-property retail portfolio to an affiliate of private equity firm Onyx Partners Ltd. for a total cash consideration of $947 million.
The portfolio spans approximately 15.8 million square feet and includes properties located across 34 states. All of the assets are net-leased to JCPenney. This sale represents a significant milestone for CTL Trust, which was established to monetize JCPenney’s real estate following the retailer’s bankruptcy in 2020.
The original portfolio managed by the trust comprised 160 JCPenney retail stores along with six warehouse properties. The warehouse assets were divested in 2021. The transaction with Onyx Partners, scheduled to close on or around September 8, marks the largest deal the trust has executed since its inception. The sale also concludes a strategic marketing effort led by Newmark.
Based in Needham, Massachusetts, Onyx Partners’ acquisition of these properties reflects continued investor interest in large-scale, net-leased retail portfolios anchored by major national tenants.
