Buckland JCPenney Store Part Of $1 Billion, 119-Store Sale

MANCHESTER, CT — Three JCPenney stores in Connecticut — including the one in Manchester — are part of a sale announced by the holding company of 119 locations valued at nearly $1 billion.

In a filing with the federal Securities and Exchange Commission dated July 23, owner Copper Property CTL Pass Through Trust said it has entered in to a purchase-and-sale agreement with Boston-based Onyx Partners Ltd. for the JCPenny portfolio.

The aggregate purchase price for the properties is $947 million in an all-cash transaction, according to the filing.

The Connecticut JCPenney stores involved are:

• In Manchester at the Shoppes at Buckland Hills mall
• At Westfarms on the Farmington-West Hartford line
• At the Danbury Fair Mall

The closing is anticipated on or before Sept. 8, according to the filing and a news release issued two days after the filing.

Copper included the following statement:

"The Trust intends to distribute the net proceeds to Certificateholders in accordance with the terms of the Trust Agreement following the consummation of the sale. The agreement provides certain limited termination rights on a property-by-property basis in connection with purchase rights in favor of ground lessors or purchase rights pursuant to reciprocal easement agreements, certain title defects, casualty events, or condemnation proceedings. Due to the various conditions to closing, the Trust cannot make any assurances that the disposition of the Properties is certain."

The sale comes About five years after JCPenney filed for bankruptcy and about eight months after the three Connecticut stores were first offered as part of the larger package.

The properties in the sale make up 15.86 million square feet spanning 34 states, according to an accompanying chart, issued when the sale was first announced.