Copper Property CTL Pass Through Trust sold seven of its JCPenney retail locations, including the Christiana Mall store, for $65.2 Million in three separate transactions.
The company did not list the sales price for each store but did disclose that Penney pays $959,268 a year in rent for the Christiana store.
The rent was the second highest among the seven stores sold in the Mid-Atlantic region topped only by a store in the Washington, DC suburb of Springfield, VA at $1.2 million.
Commenting on the sales, Neil Aaronson, principal Executive Officer of the trust stated, We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JC Penney post reorganization.”
Copper Property CTL Pass Through Trust was established to acquire 160 retail properties and six warehouse distribution centers from J.C. Penney as part of its Chapter 11 plan of reorganization.
Shopping center giants Simon and Brookfield, the owner of Christiana Mall, purchased Penney as a way to keep major tenants in their malls during a brutal period for retailers.
The buyer of Christiana and other stores was a joint venture of The Meridian Group (TMG) and Martin-Diamond Properties.
Both are based in the Washington, D.C. area.
