Latest news with #CopperPropertyCTLPassThroughTrust
Yahoo
7 days ago
- Business
- Yahoo
PE firm buys 119 JCPenney sites in major US retail deal
A significant JCPenney store sale has reached agreement between the Copper Property CTL Pass Through Trust and Onyx Partners Ltd., covering 119 retail locations across the United States for approximately $947 million. The transaction follows several years of asset divestments conducted post‑bankruptcy and is expected to close by 8 September 2025. Properties included in the JCPenney store sale The trust, set up during JCPenney's Chapter 11 reorganisation in 2020, had been tasked with liquidating some 160 stores and six warehouse sites. These 119 stores now being sold remain operational and are subject to long‑term triple‑net leases under which JCPenney covers rent, maintenance and other costs. Onyx Partners, a private equity firm based in the Boston area, emerged as the successful buyer after a competitive process involving over 700 offers. Planned closing timeline and financial details The all‑cash agreement is expected to be finalised by early September, in line with the trust's statutory liquidation schedule, which must be completed by 30 January 2026. The average price per store is slightly lower than earlier piecemeal sales facilitated by the trust, though trust executives emphasised the urgency imposed by the liquidation deadline as justification for the aggregated portfolio deal. National context and broader retail landscape This JCPenney store sale marks another chapter in the broader restructuring of traditional brick‑and‑mortar retail in the US. Since emerging from bankruptcy in 2020, JCPenney has steadily reduced its physical footprint, closing over 200 stores at the height of the pandemic downturn. The company currently operates around 650 locations nationwide under its new corporate parent Catalyst Brands. Analysts predict continued pressure on department stores, with thousands of closures forecast industry‑wide over the coming years, even as some large retailers such as Walmart and Target maintain strength. What this means for JCPenney's creditors For certificate holders of the Copper Property Trust, the proceeds from the sale are intended to be distributed following completion of the transaction. The deal represents a key step in fulfilling the trust's mandate to reimburse JCPenney investors and creditors post‑bankruptcy. Onyx Partners has indicated it has completed all required due diligence and that its deposit is non‑refundable under the agreement "PE firm buys 119 JCPenney sites in major US retail deal" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-07-2025
- Business
- Yahoo
119 JCPenney stores sold in nearly $1 billion deal, including 6 in Florida
Another change is coming to JCPenney stores around the U.S. and this time Florida could feel an impact. A Boston private equity firm will pay $947 million for 119 JCPenney stores, including six in Florida. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust July 25. The transaction is scheduled to close on or before Sept. 8. In February, JCPenney announced eight locations would be closed this year, adding to the list of more than 200 closures planned. No Florida stores were on the list. Here's what to know. Why is JCPenney closing stores? JCPenney filed for Chapter 11 bankruptcy protection in May 2020. At the time, the company said it would close more than 200 locations across the country. The chain was later acquired by Simon Property Group and Brookfield Asset Management Inc. in December 2020. In January 2025, JCPenney said it had partnered with Forever 21 to create a new company called Catalyst Brands. The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. Will the 119 JCPenney stores sold remain open? All 119 stores — including six in Florida — that were sold are currently open for business. The buyer, Onyx Partners, did not respond to a request for comment from USA TODAY. Which JCPenney stores in Florida, US are being sold? Map shows JCPenney stores sold in Florida Among the 119 stores sold were six in Florida, located in: Brandon Clearwater Panama City Beach Pembroke Pines Plantation Wellington How many JCPenney stores are left in Florida? According to JCPenney's website, there are 44 stores open in Florida in the following cities: Altamonte Springs Aventura Boynton Beach Brandon Clearwater Clermont Coral Springs Davenport Daytona Beach Fort Myers Gainesville Hialeah Jacksonville Jensen Beach Kissimmee Lake City Lakeland Melbourne Merritt Island Miami - 3 Naples Ocala Ocoee Orange Park Orlando Panama City Panama City Beach Pembroke Pines Pensacola Plantation Pompano Beach Port Charlotte St. Petersburg Sanford Sarasota Spring Hill Tallahassee Tampa - 2 Vero Beach Wellington What is Copper Property CTL? Copper Property CTL Pass Through Trust was established to acquire 160 retail properties and six warehouse distribution centers from JCPenney as part of its Chapter 11 plan of reorganization. Contributing: Mike Snider, Sara Chernikoff, USA Today This article originally appeared on Palm Beach Post: JCPenney sells 119 stores for $947 million. See Florida, US locations Solve the daily Crossword
Newsweek
30-07-2025
- Business
- Newsweek
119 JCPenney Stores Sold in Nearly $1-Billion Deal: What To Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A total of 119 JCPenney stores across the United States are being sold for nearly $1 billion to a Boston-based private equity firm, nearly five years after the retailer filed for bankruptcy. The properties are being sold to an affiliate of Onyx Partners for $947 million, with the deal expected to close by September 8. Newsweek contacted JCPenney, Onyx Partners and Copper Property CTL Pass Through Trust for comment by email outside of regular working hours. A JCPenney department store in Cupertino, California, in 2013. A JCPenney department store in Cupertino, California, in 2013. Paul Sakuma/AP Why It Matters The sale marks a significant juncture in JCPenney's ongoing restructuring efforts, and represents one of the largest sales of department store real estate in recent years. The retailer's bankruptcy in 2020 was a major chapter in U.S. retail history, prompting sweeping changes to its operations and ownership. What To Know The all-cash sale was announced on July 25 by Copper Property CTL Pass Through Trust, which was established following JCPenney's 2020 bankruptcy to oversee the wind-down and sale of the company's real estate assets. In a statement on Friday, Copper Property CTL Pass Through Trust said: "The buyer has now completed its due diligence, and its deposit under the agreement is non-refundable." The announcement came after an "extensive marketing process" by the property management company Newmark, the trust said. Newmark told prospective buyers that the portfolio on offer included 121 properties covering 16.05 million square feet of retail space, across 35 states. A total of 21 sites are located in Texas, and 19 are in California. "The majority of the assets are strategically located in major metropolitan areas surrounding such cities as Austin, Miami, Houston, Los Angeles, and New York, with 50 percent of the assets in the portfolio located in high growth Sunbelt states," Newmark said on its website. The 119 stores included in the deal are all net-leased properties, meaning JCPenney is responsible for rent and all operational expenses. All of the 119 stores currently remain open and operational, according to USA Today. What People Are Saying Neil Aaronson, principal executive officer of Copper Property CTL Pass Through Trust, said on a conference call, according to CoStar News: "This agreement is the result of an exhaustive marketing and sale process run by Newmark under Hilco's direction. Newmark received a substantial number of individual property offers, sub-portfolio offers, in addition to many portfolio offers. "After a very thorough vetting of buyer capabilities and evaluation of their offers, Onyx clearly stood out as our preferred buyer based on their capability to close, their business strategy, and the offered purchase terms. Considering all factors, we believe we have achieved a very fair price for the portfolio." What Happens Next The deal is scheduled to close on or before September 8, 2025. Copper Property CTL Pass Through Trust expects to distribute between $928 million and $932 million to creditors following the completion of the deal, principal financial officer Larry Finger said on a July 28 conference call, according to USA Today.
Yahoo
06-03-2025
- Business
- Yahoo
Copper Property CTL Pass Through Trust Issues Monthly Reporting Package for February 2025
JERSEY CITY, NJ / / March 6, 2025 / Copper Property CTL Pass Through Trust ("the Trust") has filed a Form 8-K containing its monthly report for the period ended February 28, 2025. An aggregate total distribution of $7.3 million or $0.097712 per trust certificate will be paid on March 10, 2025, to certificate holders of record as of March 7, 2025. Additional information, including the Trust's Monthly and Quarterly Reports, as well as other filings with the Securities and Exchange Commission ("SEC") can be accessed via the Trust's website at About Copper Property CTL Pass Through Trust Copper Property CTL Pass Through Trust (the "Trust") was established to acquire 160 retail properties and 6 warehouse distribution centers (the "Properties") from J.C. Penney as part of its Chapter 11 plan of reorganization. The Trust's operations consist solely of owning, leasing and selling the Properties. The Trust's objective is to sell the Properties to third-party purchasers as promptly as practicable. The Trustee of the trust is GLAS Trust Company LLC. The Trust is externally managed by an affiliate of Hilco Real Estate LLC. The Trust is intended to be treated, for tax purposes, as a liquidating trust within the meaning of United States Treasury Regulation Section 301.7701-4(d). For more information, please visit Forward Looking Statement This news release contains certain "forward-looking statements". All statements other than statements of historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology and include, but are not limited to, the Trust's expectations or beliefs concerning future events and stock price performance. The Trust has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Trust believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These factors, including those discussed in the Trust's Registration Statement on Form 10 filed with the Securities and Exchange Commission (the "SEC"), may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the Trust's filings with the SEC that are available at The Trust cautions you that the list of important factors included in the Trust's SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this news release may not in fact occur. The Trust undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Contact Details Jessica Cummins+1 847-313-4755Jcummins@ SOURCE: COPPER PROPERTY CTL PASS THROUGH TRUST View the original press release on ACCESS Newswire Sign in to access your portfolio
