Copper Property CTL Pass Through Trust has agreed to sell a 119-property retail portfolio to an affiliate of Onyx Partners, Ltd. The aggregate purchase price for the properties is $947 million, all cash.
Spanning 15.8 million square feet across 34 states, the properties are net-leased to JCPenney. CTL Pass Through Trust was created to monetize JCPenney’s assets after the retailer declared bankruptcy in 2020. The sale to Needham, MA-based private equity firm Onyx Partners represents a large portion of the trust’s remaining portfolio and is the culmination of an extensive marketing process run by Newmark.
The trust’s original portfolio included 160 JCPenney stores and six warehouses. The warehouses were all sold in 2021. The sale to Onyx Partners, which is scheduled to close on or around Sept. 8, represents the single largest transaction undertaken by the trust since its formation.
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