Mokena JCPenney Store Sold, Fate Uncertain: Report

MOKENA, IL — The Mokena JCPenney store is among five in Illinois and 119 nationwide sold to a Boston private equity firm in a nearly $1 billion deal.

Onyx Partners paid $947 million in an all-cash transaction, according to Copper Property CTL Pass Through Trust, which took over 160 JCPenney Stores when the company declared bankruptcy in 2020. The deal is expected to close on or by Sept. 8.

"The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable," Copper Property Trust said in a news release.

According to a list released by USA Today, five Illinois locations were sold in the deal, including:

• Orland Park: 3 Orland Square Dr
• Mokena: 11325 W Lincoln Hwy
• North Riverside: 7507 W Cermak Rd
• Vernon Hills: Rt 60 & Hwy 21
• Algonquin: 800 S Randall Rd

All affected stores are currently open, but it's unclear whether they will remain operational under new ownership. The department store also has locations in Illinois in Alton, Aurora, Calumet City, Champaign, Chicago, Fairview Heights, Jacksonville, Joliet, Lombard, Matteson, Moline, Montgomery, Niles, North Aurora, Peoria, Rockford, Schaumburg and Springfield.

Since its bankruptcy filing, the retailer has closed nearly 200 stores across the country, including seven in May.

At the time, a spokesperson for the company said, "We look forward to continuing to serve our customers at our nearly 650 store locations across the country and online at jcpenney.com."

Patch Editor Rachel Barnes contributed to this report.