PLANO,TX—In a pivotal transaction tocoincide with activity in nearby $5Billion Mile,JCPenneysold itsheadquarters to DreienOpportunity Partners LLC,general partner of SilosOpportunity Partners LP, for agross sale price of $353 million before closing and transactioncosts, GlobeSt.com learns. The company previously announced thatupon the transfer of ownership, JCPenney would lease backapproximately 65% of the building, leaving the remainingapproximately 600,000 square footage available for newtenants.
Thebuilding lease expense would be offset by a reduction inmaintenance costs, property taxes and interest expense as a resultof paying down debt with proceeds from the transaction. A $450million acquisition loan was secured for the repositioning of the1.8 million-square-foot headquarters for JCPenney and surrounding45 acres of developable land.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
