A private equity firm that tried to purchase a portfolio of JCPenney stores last year is making another attempt to buy the properties.
Retail Dive reports Needham, Massachusetts-based Onyx Partners is offering $934 million for 117 properties, or roughly $8 million per store. The firm stated that the financing for the transaction is in place, adding that it is prepared to close on the deal on Sept. 25.
The firm’s previous proposal abruptly fell through last December, although it is unclear what went awry. The sale of the properties would be handled by Copper Property CTL Pass Through Trust, a Jersey City, New Jersey-based entity established during the retailer’s 2020 bankruptcy filing. The trust was assigned to manage the leases of 160 stores and six distribution centers, with the goal of selling them. To date, more than 40 properties have been sold, with Onyx expressing interest in buying the remaining stores.
A spokesperson for Catalyst Brands, which operates the JCPenney stores, said the 117 stores are spread across 35 states and have long-term leases.
“Any potential transaction is merely a transfer of ownership of the physical stores and would not change the nature of our long-term leases on these locations,” the spokesperson said.
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