Sale of JCPenney Store Collapses After Missed Deadline
America ı By Rihem Akkouche
0 Comments
A sweeping deal to sell more than 115 JCPenney stores across the United States unraveled just after Christmas, sending shockwaves through the retail property market. The sale of JCPenney store collapses after buyer Onyx Partners failed to close a $947 million transaction by a Dec. 26 deadline, according to regulatory filings.
Copper Property CTL Pass Through Trust terminated its agreement with the Boston-based private equity firm, saying it met every contractual condition while the buyer did not. The trust disclosed the breakdown in a federal filing, framing the missed deadline as a fatal breach.
Lawsuit Erupts as Blame Flies
Onyx fired back swiftly, filing a lawsuit seeking either specific performance of the deal or monetary damages. The firm alleges Copper Property breached the agreement, a claim the trust flatly rejects.
Copper Property said it will “aggressively contest” Onyx’s allegations and pursue counterclaims of its own. Neither side responded to requests for further comment, leaving the dispute to play out in court.
The failed transaction had loomed large. Valued at nearly $1 billion, it stood as one of the biggest pending retail real estate sales in the country, spanning 35 states and Puerto Rico and covering about 15.5 million square feet of leasable space.
A Deal Too Big to Ignore
Before the termination, Onyx told CoStar it remained prepared to close once Copper Property delivered outstanding tenant documentation. The buyer contended that key seller deliverables were still incomplete.
Copper Property counters that it fully complied with the agreement and is now reviewing “all legal rights” against Onyx and other parties involved in the deal.
Deposits, Deadlines and Distribution Plans
The financial fallout is already taking shape. Copper Property currently holds $2 million of Onyx’s $5 million deposit and is demanding the remaining $3 million from the escrow agent. Onyx disputes that claim.
The trust said it may distribute the $2 million it holds to stockholders on Jan. 9 as part of its regular monthly cash payment, even as the legal fight simmers.
Restarting the Sales Clock
With the deal dead, Copper Property must relaunch its sales process under tighter timelines. The trust is tasked with liquidating remaining properties to repay creditors tied to JCPenney’s 2020 bankruptcy, and the collapse could trigger default provisions that complicate recoveries.
Looking ahead, the trust plans to halt its current marketing efforts and explore alternatives in early 2026. Those options range from selling the entire portfolio or sub-portfolios to individual property sales, financing transactions, or a mix of strategies.
Copper Property previously received more than 700 inquiries when the assets were first marketed through Newmark and Hilco Real Estate, underscoring the scale of interest in the portfolio.
Discussion
No comments yet. Be the first to join the discussion!
FOLLOW US
Recent Posts
Southern Poverty Law Center Indictments Linked to Former Official and…
Michigan Couple Sentenced Following Disturbing Abuse Case Spanning Across Two…
Missouri Man Sentenced to 46 Months for Possessing Machine Gun…
The Massive Cultural Divide Between the Obama Center Gala and…
From the Front Lines to the Big Screen: Sean Penn…
7 Candid Revelations Bunnie Xo Made About Her Marriage to…
SpaceX Shakes Up Wall Street: Massive $60 Billion Acquisition of…
Don’t Miss It
Did Tom Holland and Zendaya’s Families Attend Their Wedding? The Actor Reveals All
By – Tyler BrooksOver 400 cats were liberated by Vietnamese police after being held by a criminal animal theft network
By – Tyler BrooksUnlock the Unexplained: Hearst Networks Launches MysteryX Exclusively on Prime Video
By – Tyler BrooksSteven Spielberg’s Urgent Call for UFO Disclosure: Why the Legend of Sci-Fi is Demanding the Truth
By – Tyler BrooksAnna Kepner Killing: Federal Judge Orders Jail for Stepbrother Amid ‘Psychopathy’ Concerns
By – Jackie AllenGM and Lockheed Martin Shock the Defense World with Major New Partnership to Ramp Up U.S. Munitions Production
By – Rachel MooreSpaceX Stuns the World with $60 Billion All-Stock Takeover of Hot AI Coding Startup Cursor
By – Rihem Akkouche12 Killed in Horrific Skydiving Plane Crash in Missouri — Victims Include Beloved Music Teacher, Cancer Survivor, and New Father of Twins
By – Rihem Akkouche
Kelly Warner Law Firm Blames USA…
In what appears as a desperate attempt to defend multiple…
By – USA Herald
Aaron Kelly Law Firm Resorts To…
Attorney Aaron Kelly and his law partner Daniel Warner are…
By – Jeff Watterson
Arizona Bar Opens Investigation on Attorney…
USA Herald recently reported on a developing story involving Attorneys…
By – Paul O'Neal
First Tropical Storm of 2026 Season…
Forecasters are closely tracking what could become the first tropical…
By – Rihem Akkouche
Russia Shadow Fleet Captain Faces UK…
The captain of a Russian Shadow Fleet tanker intercepted by…
By – Jackie Allen
8 Killed in ‘Unsurvivable’ B-52 Bomber…
A powerful U.S. Air Force B-52 Stratofortress bomber has crashed…
By – Rihem Akkouche
FBI Thwarts Chilling Drone & Sniper…
Federal authorities say they have disrupted a disturbing alleged plot…
By – Rihem Akkouche
Justice or Privilege? The Unsettling Truth…
It is a date that has left many observers stunned…
By – Tyler Brooks
Trump: Magneto’s Secret Weapon to Fuel…
The Marvel Cinematic Universe is preparing for one of its…
By – Tyler Brooks
Body Found Floating in Queens Park…
A Body Found Floating in a pond at a quiet…
By – Jackie Allen
Trump Ordered Anthropic to Pull Its…
On June 13, Commerce Secretary Howard Lutnick sent a letter…
By – Nicolas Carreno
ZCash Security Scare Raises Questions About…
ZCash has found itself at the center of a major…
By – Jackie Allen
Intelligence Gaps and National Security Debates…
The expiration of Section 702 of the Foreign Intelligence Surveillance…
By – Tyler Brooks
Oliver Tree Dies at 32 in…
Oliver Tree, the genre-blending singer, songwriter, and internet personality was…
By – Jackie Allen
The Pentagon Dropped Its Third UFO…
The files keep coming. And with each drop, the official…
By – Nicolas Carreno
The Pursuit of Biological Immortality and…
The objective was clear, articulated in the sterile language of…
By – Tyler Brooks
New York Chaos Erupts After Knicks…
New York Chaos unfolded across the city after the New…
By – Jackie Allen
New York Knicks End 53-Year Championship…
The New York Knicks have finally climbed back to the…
By – Jackie Allen
Paramount and Warner Brothers Merger Approved…
The proposed Paramount and Warner Brothers Merger has cleared a…
By – Jackie Allen
David Geffen Reunites With Ex-Husband Aboard…
David Geffen is making headlines again after being spotted spending…
By – Jackie Allen
Me Too Fallout Deepens as French…
The Me Too movement continues to reshape France’s entertainment industry…
By – Jackie Allen
Me Too Fallout Deepens as French…
The Me Too movement continues to reshape France’s entertainment industry…
By – Jackie Allen
Iran Agreed to US Demands: Trump…
In a major diplomatic development, Iran Agreed to US Demands,…
By – Jackie AllenThe Me Too movement continues to reshape the entertainment industry…
By – Jackie Allen
Fatal Accident in Tulsa: Oklahoma Father…
A Fatal Accident in Tulsa that claimed the life of…
By – Jackie Allen
“You’re Killing Me” Brings Brooke Shields…
“You’re Killing Me” is one of Acorn TV’s newest mystery…
By – Jackie Allen
Karmelo Anthony Sentenced to 35 Years…
The case of Karmelo Anthony has drawn widespread attention across…
By – Jackie Allen
Trump: Magneto’s Secret Weapon to Fuel…
The Marvel Cinematic Universe is preparing for one of its…
By – Tyler Brooks
Dana White Declares The Historic UFC…
WASHINGTON D.C. — It was 3:00 a.m. on Monday, and…
By – Tyler Brooks
Kanye West and Kim Kardashian Daughter:…
Time in the spotlight moves faster than most people realize…
By – Tyler Brooks
Cruise Ship Horror: Teen Accused in…
The legal saga surrounding the tragic death of 18-year-old Anna…
By – Tyler Brooks
What We Know About the Edwards…
A tragic accident occurred Monday morning at Edwards Air Force…
By – Tyler Brooks
B-52 Crashed at Edwards Air Force…
Eight people are believed dead after a U.S. Air Force…
By – Nicolas Carreno
Nichelle Nichols’ Final Mission Ends in…
By Samuel López | USA Herald The woman who helped…
By – Samuel Lopez
Cannabis Giants Hit with Sweeping Class…
A major class action filed May 4, 2026, accuses five…
By – Samuel Lopez
New Pill Doubles Survival for Pancreatic…
Pancreatic cancer pill doubles life to 13 months By Tyler…
By – Tyler Brooks
FDA warns public as cookie firm…
FDA warns public as cookie firm rejects urgent recall request…
By – Tyler Brooks
Trump orders CDC to slash childhood…
Trump orders CDC to slash childhood vaccines from 17 to…
By – Tyler Brooks
USDA warns Americans over Salmonella in…
USDA warns Americans over Salmonella in meat products By Tylor…
By – Tyler Brooks
Pulisic Is Not Training. What Happens…
Mauricio Pochettino pulled Christian Pulisic at halftime of the USMNT’s…
By – Nicolas Carreno
Mexico vs South Africa World Cup…
The 2026 FIFA World Cup is officially underway, but the…
By – Rihem Akkouche
FIFA World Cup 2026: Gianni Infantino…
The countdown to the FIFA World Cup 2026 has transformed…
By – Tyler Brooks
The Halfway House Showdown: Convicted Serial…
Justice. Accountability. Public Safety. For the survivors who faced Darren…
By – Tyler Brooks
New York Knicks NBA Finals Game…
The New York Knicks took center stage during Game 3…
By – Jackie Allen
Chinese Company Blocked from Claiming Olympic…
By Samuel López | USA Herald The Olympic rings are…
By – Samuel LopezNo posts found.
No posts found.
