According to a report from CoStar, an institutional investor could potentially acquire a rare offering in the retail industry – a portfolio of 120 JCPenney stores across the United States for over $1 billion. The portfolio, which spans 15.86 million square feet and is located in 34 states, will be listed by Newmark on behalf of Copper Property CTL Pass Through Trust next month.
The trust was formed in 2021 as part of JCPenney’s bankruptcy proceedings to sell off assets and reimburse investors. So far, it has successfully sold off 37 stores and six warehouses.
Newmark plans to market the remaining portfolio globally but expects domestic capital with prior knowledge about JCPenney to show interest due to its diverse locations outside of just major cities. These long-term leased stores have an average size of 132,000 square feet on approximately eight acres each.
