JERSEY CITY, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: 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.; Pheasant Lane Mall in Nashua, N.H.; and Dulles Town Centre in Sterling, Va. The assets traded at a blended implied cap rate of 7.28 percent across three all-cash deals. Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of the trust, and an affiliate of Newmark represented the seller in these transactions. “We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JCPenney post-reorganization,” says Neil Aaronson, principal executive officer of the …
