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.
