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December 13, 2024

3 CT JCPenney store properties to go on sale in January

HBJ Photo | Joe Cooper JCPenney at Westfarms mall in Farmington.
By Andrew Larson

Three JCPenney store properties located inside Connecticut malls are among 120 locations of the U.S. department store chain that will go on sale next month.

The properties, owned by Copper Property CTL Pass Through Trust and leased to JCPenney’s owners, will hit the market in early January, according to CoStar.

The JCPenny stores at the Danbury Fair Mall, Westfarms Mall in Farmington and the Shoppes at Buckland Hills in Manchester are part of the sale. The portfolio includes 15.86 million-square-feet of retail space in 34 states.

The average store size is 132,000 square feet, according to CoStar. The sale will be brokered by Newmark.

The stores are not expected to close. The new owners would “likely” continue to work with JCPenney’s owners, Simon Property Group and Brookfield Asset Management, according to CoStar.

"The buyer would play an important part of the conversation on what happens to these malls," Newmark Managing Director Paul Penman told CoStar.

The other two JCPenney stores in Connecticut – located in Trumbull and Waterbury – are not part of the sale.

JCPenney has roughly 650 locations in the United States.

The retailer filed for bankruptcy in May 2020 and emerged with about 200 fewer stores, according to Reuters.

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