An Illinois-based real estate disposition specialist has brought its total sale of JCPenney stores and distribution centers to a value of $868 million.
Over the last three weeks, Hilco Real Estate collected $65.2 million on the sale of seven stores at East Coast malls, all of which are still in operation. They are:
- Pheasant Lane in Nashua, N.H.
- Dulles Town Centre in Sterling, Va.
- Christiana Mall in Newark, Del.
- The Mall in Columbia in Columbia, Md.
- Westfield Annapolis in Annapolis, Md.
- Fair Oaks Mall in Fairfax, Va.
- Springfield Town Center in Springfield, Va.
Annual rents for the stores range from $300,000 to $800,000.
Hilco established the Copper Property CTL Pass Through Trust to acquire 160 retail properties and 6 warehouse distribution centers from JCPenney as part of its Chapter 11 plan of reorganization. The Trust's operations consist solely of owning, leasing, and selling the properties.
Hilco has thus far disposed of six JCPenney distribution centers and 23 stores.
JCPenney’s store portfolio has declined from 1,104 in 2012 to 669 as of this month, according to the structured data service ScrapeHero. The chain still operates stores in all 50 states, with the most locations found in Texas (73), California (64), Florida (44), and New York (28).