National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Hilco Markets 121 Net-Leased JCPenney Properties in 35 States
Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and manager of Copper Property CTL Pass Through Trust, said Thursday the trust has brought to market 121 net-leased JCPenney properties located across 35 states representing more than 16 million square feet. The majority of the portfolio’s properties are located in major metropolitan areas such as Austin, Miami, Houston, Los Angeles and New York. Fifty percent of the portfolio is in the Sunbelt, including 21 in Texas.
Averaging 132,700 square feet per store, the portfolio is the subject of an absolute, triple-net long-term master lease with the sole tenant, JCPenney. The retailer is owned in a joint venture comprised of two of the largest retail mall owners in the U.S., Simon Property Group and Brookfield Asset Management.
Hilco JCP, LLC has chosen Newmark’s national retail capital markets team to market this portfolio. The targeted deadline for submitting offers is Feb. 26. Click here for additional information.
- ◦Sale/Acquisition
