JCPenney Kennewick store among 119 sold in $947M deal following bankruptcy

The JCPenney store at Kennewick’s Columbia Center has been sold to Onyx Partners Ltd. of Boston in a $947 million portfolio sale involving 119 stores and distribution centers nationwide.

Copper Property CTL Pass Through Trust, which was created to hold and sell JCPenney assets following its 2020 bankruptcy, announced the deal in July.

The all-cash transaction is set to close Sept. 8. Stores will not close, officials said.

The deal followed an extensive sales process that Copper Property officials said maximized value of the assets. The sale price represents a 10.37% capitalization rate or expected return to Onyx Partners. Cap rates are similar to interest rates on savings accounts.

JCPenney and later the trust owned its 78,000-square-foot building at Columbia Center, along with about 12 acres of land and parking. The balance of the mall is owned by Simon Property Group.

The Onyx sale includes JCPenney locations at Bellis Fair in Bellingham, Wash., Southcenter near Seattle and Clackamas Town Center near Portland.

JCPenney is one of Columbia Center’s main anchor stores, along with Macy’s, Dick’s Sporting Goods, Barnes and Noble.