Hilco Real Estate announced that it is supervising placement of 121 net-lease JCPenney properties on the market.
The placement is supervised by Hilco JCP, an affiliate of Hilco Real Estate and manager of Copper Property CTL Pass Through Trust, established in the bankruptcy deal that made a joint venture established by Simon Property Group and Brookfield Asset Management JCPenney’s owners. The trust acquired 160 retail properties and six warehouse distribution centers from JCPenney under its Chapter 11 reorganization plan. Trust operations consist solely of owning, leasing and selling the properties. It has placed 121 net-leased JCPenney retail properties on the market. The stores operate in 35 states and represent more than 16 million square feet of retail space.
The majority of the properties are locations in major metropolitan areas, including Austin, TX, Houston, Miami, Los Angeles and New York, with 50% of the portfolio assets located in the Sunbelt region, Hilco stated. The properties include 21 in Texas and 19 in California, as well as considerable numbers along the I-95 corridor in the northeastern United States and the stretch of the U.S. of from western Pennsylvania to the Chicago area.
The real estate portfolio is the subject of an absolute, triple-net, long-term master lease with the sole tenant, JCPenney, Hilco added.
JCPenney and Hilco Real Estate did not immediately respond to requests for more detail on the sale.
