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Columbia, Annapolis JC Penney stores sold in $65.2M, 7-location deal

The JCPenney location at The Mall in Columbia was sold in a seven-property deal for $65.2 million. (File photo)

Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of Copper Property CTL Pass Through Trust, Tuesday announced the trust has sold seven of its JCPenney retail locations for $65.2 million, including locations at Westfield Annapolis and the Mall in Columbia, at a blended implied cap rate of 7.28% in three separate all-cash transactions.

On Sept. 9, the trust sold a five property mid-Atlantic portfolio generating $3.9 million in current annual rent for a price of $53 million, representing an implied cap rate of 7.43%. The five JCPenney locations were located Columbia, Annapolis, Newark, Delaware, and Fairfax and Springfield, Virginia.

On Aug. 25, the trust sold the JCPenney location in Nashua, New Hampshire, generating $367,000  in current annual rent for a price of $6.55 million, representing an implied cap rate of 5.6%.

On Aug. 29, the trust sold the JCPenney location at Dulles Town Centre in Sterling, Virginia, generating $441,000 in current annual rent for a price of $5.65 million, representing an implied cap rate of 7.8%.

The trust has now sold its six distributions centers and 23 of its retail properties, generating a total of $868 million in sales proceeds.