119 JCPenney Store Properties Sold to Boston Firm in $947 Million Deal

After accounting for closing costs, between $928 million and $932 million will be distributed to beneficiaries.

Published: 7/30/2025, 10:40:49 PM EDT

119 JCPenney Store Properties Sold to Boston Firm in $947 Million Deal — Customers enter a JCPenney store in San Bruno, Calif., on Sept. 1, 2023. (Justin Sullivan/Getty Images)

A trust holding JCPenney store properties announced last week it has finalized a binding agreement to sell its entire 119-property portfolio for $947 million in cash to a Boston-based investment firm, marking one of the largest retail real estate transactions of the year.

Copper Property CTL Pass Through Trust disclosed that it entered into the amended purchase agreement July 23 with an affiliate of Onyx Partners Ltd., concluding an extensive marketing process conducted by commercial real estate firm Newmark.

The transaction involves properties currently subject to long-term triple-net master leases with Penney Intermediate Holdings LLC and its affiliates. The arrangement means tenants are responsible for property taxes, insurance, and maintenance costs, in addition to base rent.

The sale is scheduled to close by Sept. 8, pending standard real estate closing conditions.

According to principal financial officer Larry Finger, who discussed the transaction during a July 28 conference call, creditors of JCPenney will receive the distribution funds. After accounting for closing costs, between $928 million and $932 million will be distributed to beneficiaries.

JCPenney has been working to stabilize operations following its emergence from bankruptcy proceedings four years ago.

JCPenney's corporate history spans more than a century, according to company information found on its website. The retailer was established in 1902 in Kemmerer, Wyoming, under the original name "The Golden Rule" store, reflecting founder James Cash Penney's business philosophy of treating customers with respect and fairness.

JCPenney donated its corporate archives and founder papers to Southern Methodist University's DeGoyler Library in 2004. The collection includes more than 20,000 photographs and 1,500 linear feet of correspondence, speeches, ledgers, catalogs, and publications documenting over 100 years of corporate history.

The retailer currently operates as one of the nation's largest sellers of apparel, home goods, jewelry, and beauty products. Its portfolio includes both private label brands and national merchandise, with several exclusive private brands including Liz Claiborne, Stafford, Okie Dokie, and Worthington.

In January 2025, JCPenney and SPARC Group announced plans to merge into a new organization called Catalyst Brands. The combined entity would oversee 1,800 retail locations, employ 60,000 people, maintain nearly $1 billion in liquid assets, and serve more than 60 million customers.

"The merger should result in significant synergies with cost savings for all brands in the portfolio from lowered customer acquisition cost to product development savings," business consultant Joseph Raetzer told The Epoch Times regarding the combination.

According to retail analyst Sidharth Ramsinghaney of Twilio, the merger represents "a watershed moment in retail consolidation" driven by operational efficiency needs, customer data utilization opportunities, and portfolio diversification requirements.

The property trust hosted a conference call on Monday, July 28, to discuss the transaction details with investors and analysts. The call included a question-and-answer session with trust management representatives.

Additional trust information, including monthly and quarterly reports plus Securities and Exchange Commission filings, remains accessible through the trust's official website at ctltrust.net.