Retailer J.C. Penney sold its corporate headquarters campus, located in Plano, TX, to a partnership headed by Dreien Opportunity Partners LLC. The buyer paid more than $400 million for the 1.8 million-square-foot office complex, located just west of the Dallas North Tollway. Part of the deal included approximately 40 acres of surrounding land. CBRE represented Penney in the transaction.
The new owners will sell and develop the extra land, and will also renovate the headquarters campus, which delivered in the 1980s. The retailer, in the meantime, will consolidate into approximately 600,000 square feet in the headquarters building. Penney’s downsizing will leave more than one million square feet of office space available on the sprawling campus.
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