Ad
Featured
Albuquerque’s JCPenney properties included in massive sale
JCPenney at Cottonwood Mall is one of 119 being sold to an affiliate of Boston-based Onyx Partners Ltd.
Published
Modified
Albuquerque’s two JCPenney stores are among 119 across the country being sold to a commercial real estate firm based in Massachusetts.
An affiliate of Boston-based Onyx Partners Ltd. is set to purchase the JCPenney properties, according to a news release from Copper Property CTL Pass Through Trust last week.
The local stores — situated inside Albuquerque’s two malls, Coronado Center and Cottonwood Mall — will continue business as usual, a JCPenney spokesperson told the Journal.
“The real estate transaction ... represents a change in landlord but does not impact JCPenney store operations. These 119 JCPenney stores will continue to operate and serve our loyal customers and communities,” the spokesperson wrote in an email.
The Onyx Partners affiliate entered into an agreement with Copper Property, the current owner of the 119 store buildings, to purchase the properties for $947 million, according to the news release.
The all-cash deal is expected to close by Sept. 8.
The sale follows the closing of more than 200 JCPenney stores following a 2020 bankruptcy by the company, according to reporting by USA Today.
Copper Property became the landlord of 160 JCPenney stores as an outcome of the department store chain filing for bankruptcy, according to Jessica Cummins, senior vice president of finance and accounting for property management company Hilco Real Estate.
Onyx Partners is a real estate and private investment firm that has facilitated more than $2 billion in private transactions across 47 states, according to its website.
