A retail portfolio spanning 120 JCPenney stores across the U.S. could fetch more than $1 billion in what industry professionals are calling a rare offering for an institutional investor, CoStar reported.
Newmark plans to list the 15.86-million-square-foot portfolio in 34 states early next month on behalf of Copper Property CTL Pass Through Trust, the entity formed in the wake of JCPenney’s 2020 bankruptcy proceedings.
The trust was created in 2021 to sell 160 stores and a half-dozen industrial properties to help reimburse the retailer’s investors. It has completed the sales of 37 stores and six warehouses.
The 120 stores Newmark plans to market are long-term leased to JCPenney. The average store size in the portfolio is 132,000 square feet on an average tract of 8.36 acres.
“We are marketing this globally,” Newmark managing director Paul Penman told CoStar. “Everyone is going to see it, but with the store locations being in 34 states and not just in the gateway markets, I would expect this to attract domestic capital already familiar with JCPenney.”
Read More: 120-Store JCPenney Portfolio Heads to Sales Market
