JCPenney has sold over 100 of its store locations in a nearly $1 billion deal, marking a major milestone in its post-bankruptcy transformation. While the stores remain operational, the sale introduces a new player into the mix—one whose role could shape the next chapter of the century-old retailer.
JCPenney Sells Properties to Pay Off Debt
In a major move nearly five years after its bankruptcy filing, JCPenney is selling 119 of its store properties for $947 million to a Boston-based private equity firm, Onyx Partners. The all-cash deal is for the buildings and land, but not the business itself. This means that JCPenney will continue to operate these locations as a tenant, with no plans to close any of the stores involved in the sale. The transaction is a key part of the company’s ongoing recovery and is expected to be finalized on September 8.
The sale is being managed by a special entity known as the Copper Property CTL Pass Through Trust, which was established by JCPenney’s lenders following the retailer’s 2020 bankruptcy. The trust’s purpose is to sell off properties that JCPenney no longer owns outright and use the proceeds to repay the company’s creditors. The new buyer has completed its review of the properties, and the deposit for the deal is now non-refundable.
While this trust was created to handle these specific assets, the day-to-day operations and remaining stores of JCPenney were taken over by Simon Property Group and Brookfield Asset Management Inc. The money from this new sale, specifically between $928 million and $932 million after all costs are paid, will be distributed directly to the creditors, marking a significant step in resolving the financial obligations from the bankruptcy.
Which JCPenney Stores Are Included in the Sale?
The JCPenney store portfolio, which was originally offered to buyers, included 121 retail properties spread across 35 states, totaling more than 16 million square feet of commercial space. According to real estate firm Newmark, which handled the marketing, Texas had the largest share with 21 properties, followed by California with 19.
Earlier this year, two locations—one in Florida and another in Pennsylvania—were sold separately for $21 million to Simon Property Group and Brookfield Asset Management, the same firms that took over JCPenney’s retail operations after its bankruptcy.
That leaves 119 store properties, now set to be acquired by Onyx Partners. These locations span shopping centers, regional malls, and standalone sites across the country. The full list of stores included in the recent sale can be seen in the table below.
| Property Name | Address | City | State |
|---|---|---|---|
| The Mall at Turtle Creek | 3000 E Highland Dr Ste 516 | Jonesboro | AR |
| Shackleford Crossing | 2600 S Shackleford Rd | Little Rock | AR |
| Arrowhead Towne Center | 7750 W Arrowhead Towne Center | Glendale | AZ |
| Superstition Springs Mall | 6525 E Southern Ave | Mesa | AZ |
| Yuma Palms Regional Center | 1375 S Yuma Palms Pkwy | Yuma | AZ |
| Palm Valley Cornerstone | 13333 W Mcdowell Rd | Goodyear | AZ |
| Solano Town Center | 1330 Travis Blvd | Fairfield | CA |
| Westfield Plaza Bonita | 3040 Plaza Bonita Rd | National City | CA |
| Glendale Galleria | 1169 Glendale Galleria | Glendale | CA |
| Huntington Park CBD | 6420 S Pacific Blvd | Huntington Park | CA |
| Westfield Santa Anita | 400 S Baldwin Ave | Arcadia | CA |
| Plaza at West Covina | 1203 Plaza Dr | West Covina | CA |
| Galleria at Tyler | 3605 Galleria At Tyler | Riverside | CA |
| Westfield Palm Desert | 72900 Hwy 111 | Palm Desert | CA |
| Westfield North County | 290 E Via Rancho Pkwy | Escondido | CA |
| The Shops at Montebello | 1600 Town Center Dr | Montebello | CA |
| Valley Plaza | 2501 Ming Ave | Bakersfield | CA |
| Antelope Valley Mall | 1131 W Rancho Vista Blvd | Palmdale | CA |
| Arden Fair Mall | 1695 Arden Way | Sacramento | CA |
| Brea Mall | 400 Brea Mall | Brea | CA |
| Pacific View Mall | 377 S Mills Rd | Ventura | CA |
| Northridge Fashion Center | 9301 Tampa Ave | Northridge | CA |
| Imperial Valley Mall | 3351 S Dogwood | El Centro | CA |
| Victoria Gardens | 12399 S Mainstreet | Rancho Cucamonga | CA |
| The Orchard at Slatten Ranch | 4951 Slatten Ranch Rd | Antioch | CA |
| Town Center at Aurora | 14200 E Alameda Ave | Aurora | CO |
| First & Main Town Center | 3650 New Center Pt | Colorado Springs | CO |
| The Shoppes at Buckland Hills | 344 V Buckland Hls Dr Ste 7000 | Manchester | CT |
| Westfarms Mall | 300 Westfarms Mall | Farmington | CT |
| Danbury Fair | 7 Backus Ave | Danbury | CT |
| Westfield Brandon | 331 Brandon Town Center Mall | Brandon | FL |
| Westfield Countryside | 27001 US Hwy 19 N | Clearwater | FL |
| Westfield Broward | 8000 W Broward Blvd Ste 900 | Plantation | FL |
| Pembroke Lakes Mall | 11401 Pines Blvd | Pembroke Pines | FL |
| The Mall at Wellington Green | 10308 W Forest Hill Blvd | Wellington | FL |
| Pier Park | 206 Bluefish Dr | Panama City Beach | FL |
| South Point S/C | 1380 Hwy 20 W | Mcdonough | GA |
| Coral Ridge Mall | 1471 Coral Ridge Ave | Coralville | IA |
| Boise Towne Square | 300 N Milwaukee St | Boise | ID |
| Orland Square | 3 Orland Sq Dr | Orland Park | IL |
| North Riverside Park Mall | 7507 W Cermak Rd | North Riverside | IL |
| Hawthorn S/C | Rt 60 & Hwy 21 | Vernon Hills | IL |
| Oakridge Court | 800 S Randall Rd | Algonquin | IL |
| Mokena Marketplace | 11325 W Lincoln Hwy | Mokena | IL |
| Hamilton Town Center | 13900 Hoard Dr | Noblesville | IN |
| Oak Park Mall | 11801 W 95Th St | Overland Park | KS |
| Florence Mall | 6000 Florence Mall | Florence | KY |
| Ashland Town Center | 500 Winchester Ave | Ashland | KY |
| Mall of Louisiana | 6201 Bluebonnet Blvd | Baton Rouge | LA |
| Northshore Mall | Rt 114 & 128 | Peabody | MA |
| White Marsh Mall | 8200 Perry Hall Blvd | Baltimore | MD |
| St Charles Towne Center | 11130 Mall Cir | Waldorf | MD |
| Oakland Mall | 700 W 14 Mile Rd | Troy | MI |
| Lakeside Mall | 14300 Lakeside Cir | Sterling Hts | MI |
| Twelve Oaks Mall | 27150 Novi Rd | Novi | MI |
| Grand Traverse Mall | 3300 S Airport Rd W | Traverse City | MI |
| Rivertown Crossings | 3774 Rivertown Prkwy Sw | Grandville | MI |
| Waterside Marketplace | 50753 Waterside Dr | Chesterfield Townshp | MI |
| Rosedale S/C | 1700 W County Rd B-2 | Roseville | MN |
| Mid Rivers Mall | 4 Mid Rivers Mall | St Peters | MO |
| The Plaza at Shoal Creek | 8100 N Flintlock Rd | Kansas City | MO |
| Southaven Towne Center | 6620 Towne Center Loop Ste E | Southaven | MS |
| The Streets at Southpoint | 6910 Fayetteville Rd Ste 600 | Durham | NC |
| The Mall at Rockingham Park | 81 Rockingham Park Blvd | Salem | NH |
| Rockaway Townsquare | 305 Mount Hope Ave | Rockaway | NJ |
| Woodbridge Center | 428 Woodbridge Ctr Dr | Woodbridge | NJ |
| Newport Centre | 10 Mall Dr W | Jersey City | NJ |
| Freehold Raceway Mall | 3710 Hwy 9 | Freehold | NJ |
| Coronado Center | 6600 Menaul Blvd Ne Ste 600 | Albuquerque | NM |
| Cottonwood Mall | 10000 Coors Bypass Nw | Albuquerque | NM |
| Meadowood Mall | 5200 Meadowood Mall Cir | Reno | NV |
| Meadows Mall | 4400 Meadows Lane | Las Vegas | NV |
| Galleria at Sunset | 1312 W Sunset Rd | Henderson | NV |
| Gateway Shopping Center I & II | 360 Gateway Dr | Brooklyn | NY |
| Staten Island Mall | 140 Marsh Ave | Staten Island | NY |
| The Mall at Bay Plaza | 100 Baychester Ave | Bronx | NY |
| SouthPark Center | 17177 Royalton Rd | Strongsville | OH |
| The Mall at Tuttle Crossing | 5083 Tuttle Crossing Blvd | Dublin | OH |
| Polaris Fashion Place | 1450 Polaris Pkwy | Columbus | OH |
| The Shops at Fallen Timbers | 3100 Main St Ste 1000 | Maumee | OH |
| Stone Creek Towne Center | 3675 Stone Creek Blvd | Colerain Township | OH |
| Center at Owasso | 9056 N 121St East Ave | Owasso | OK |
| Penn Square Mall | 1901 NW Expwy Ste 1200 | Oklahoma City | OK |
| Shops at Moore | 2400 S Service Rd | Moore | OK |
| Clackamas Town Center | 12300 SE 82Nd Ave | Portland (Happy Valley) | OR |
| Westmoreland Mall | 5256 Route 30 | Greensburg | PA |
| The Mall at Robinson T/C | 2000 Robinson Town Ctr | Pittsburgh | PA |
| High Pointe Commons | 4680 High Pointe Blvd | Harrisburg | PA |
| Mayaguez Mall | 975 Av. Eugenio Maria De Hostos, Ste 320 | Mayaguez | PR |
| Plaza Centro | 200 Avenida Rafael Cordero, Ste 111 | Caguas | PR |
| Wolfchase Galleria | 2756 N Germantown Pkwy | Memphis | TN |
| Stones River Mall | 1720 Old Fort Pkwy | Murfreesboro | TN |
| Mall Del Norte | 5300 San Dario | Laredo | TX |
| Golden Triangle Mall | 2201 S Interstate 35 E Ste D | Denton | TX |
| Midland Park Mall | 4511 N Midkiff Rd | Midland | TX |
| Killeen Mall | 2100 S W S Young Dr Ste 2000 | Killeen | TX |
| Valle Vista Mall | 2006 S Expy 83 | Harlingen | TX |
| Post Oak Mall | 1500 Harvey Rd | College Station | TX |
| New Braunfels T/C at Creekside | 215 Creekside Way | New Braunfels | TX |
| The Parks at Arlington | 3851 S Cooper St | Arlington | TX |
| Lakeline Mall | 11200 Lakeline Mall Dr | Cedar Park | TX |
| First Colony Mall | 16529 Southwest Frwy | Sugarland | TX |
| Deerbrook Mall | 20131 Hwy 59N Ste 3000 | Humble | TX |
| Sunrise Mall | 2370 N Expwy Ste 2000 | Brownsville | TX |
| Baybrook Mall | 100 Baybrook Mall | Friendswood | TX |
| Fairmont Center | 5120 Fairmont Pkwy | Pasadena | TX |
| Southpark Meadows S/C | 9500 S Ih-35 Ste H | Austin | TX |
| Alliance Town Center | 3001 Texas Sage Trl | Fort Worth | TX |
| Waxahachie Towne Center Crossing | 1441 N Hwy 77 | Waxahachie | TX |
| El Mercado Plaza | 1950 Joe Battle Blvd | El Paso | TX |
| Sherman Town Center | 610 Graham Dr | Sherman | TX |
| Teas Crossing | 3165 Interstate 45 N | Conroe | TX |
| The Shops at Stone Park | 5858 E Sam Houston Pkwy N | Houston | TX |
| Southpark Mall | 6 Southpark Mall | Colonial Hts | VA |
| Peninsula Town Center | 2071 Coliseum Dr | Hampton | VA |
| Westfield Southcenter | 1249 Southcenter Mall | Tukwila | WA |
| Columbia Center | 1321 N Columbia Ctr Blvd # 100 | Kennewick | WA |
| Bellis Fair | 10 Bellis Fair Pkwy | Bellingham | WA |
| Fox River Mall | 4301 W Wisconsin Ave | Appleton | WI |
What Does the Sale Mean for JCPenney Shoppers?
For customers, this nearly $1 billion sale of JCPenney store properties is unlikely to bring any immediate changes. The stores involved in the deal will remain open and continue operating as usual. From the outside, shoppers won’t notice a difference—the same locations, hours, services, and merchandise will still be there.
That’s because the sale only affects the ownership of the buildings, not the operations inside them. JCPenney will continue to manage the stores under long-term leases, handling everything from staffing to sales, just as before.
In the long term, it’s possible the new property owner could explore changes such as adjusting lease terms or redeveloping certain sites—but any such moves would take time and would likely be communicated separately.
For now, the shopping experience remains steady. The transaction is primarily a behind-the-scenes financial move that helps JCPenney continue its post-bankruptcy restructuring while keeping doors open and customers served.
Source: USA Today