Copper Property Trust Sells Seven JCPenney Locations to Three Buyers
Northbrook, IL-based Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and manager of Copper Property CTL Pass Through Trust, said Tuesday that the trust had sold seven of its JCPenney retail locations for $65.2 million in three separate all-cash transactions. The buyers weren’t identified.
Most recently, the trust sold a five property Mid-Atlantic portfolio, including the five JCPenney locations at Christiana Mall in Newark, DE; The Mall in Columbia in Columbia, MD; Westfield Annapolis in Annapolis, MD, Fair Oaks Mall in Fairfax, VA; and Springfield Town Center in Springfield, VA.
Last month, the trust sold the JCPenney location at Pheasant Lane in Nashua, NH for $6.55 million and the one at Dulles Town Centre in Sterling, VA for $5.65 million.
The trust has now sold its six distributions centers and 23 of its retail properties, generating a total of $868 million in sales proceeds.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).