SouthPark Mall JCPenney Has a New Owner marks the headline news today—tying into the massive $947 million portfolio sale of 119 J.C. Penney stores being acquired by Boston-based private equity firm Onyx Partners. This acquisition is part of the Copper Property CTL Pass‑Through Trust’s final divestiture of J.C. Penney-owned real estate, five years after the company’s 2020 bankruptcy.
What the Deal Means for SouthPark Mall
SouthPark Mall, located in Strongsville, Ohio—a sprawling 1.68 million-square-foot retail destination anchored by J.C. Penney, Macy’s, Dillard’s, and Dick’s Sporting Goods—now sees its J.C. Penney property fall under new ownership. The mall, managed by Spinoso Real Estate Group and most recently acquired by Kize Capital LP in 2024, remains operational with J.C. Penney continuing under a long-term master lease as a triple-net tenant.
Under the triple‑net lease, J.C. Penney remains responsible for property costs and maintenance, so day‑to‑day operations at the Strongsville location are unlikely to change, even as ownership shifts to Onyx Partners.
Scale and Scope of the Portfolio Transaction
The larger portfolio sale to Onyx Partners totals 119 locations for $947 million in cash. The sale is expected to close by September 8, 2025, and was the result of over 700 bids evaluated by Copper Property CTL Trust, brokered by Newmark and Hilco Real Estate. The properties generate an estimated $100 million in annual rent and average roughly 132,000 square feet per store.
Previous sales of individual J.C. Penney properties fetched significantly higher per-store prices—around $14 million—prompting some investors to question why Onyx paid closer to $8 million per store on average. Trust officials explained they valued Onyx’s ability to close quickly, strong offer terms, and strategic capacity over higher per-store valuations.
Importantly, Simon Property Group and Brookfield—who acquired J.C. Penney’s operating business in 2020—were offered first rights to acquire certain locations but took only three. The pending sale does not include them in receiving proceeds from this transaction.
J.C. Penney’s Evolving Strategy
Since emerging from bankruptcy in December 2020 under Brookfield and Simon’s ownership, J.C. Penney has continued restructuring. In early 2025, it merged with SPARC Group to form Catalyst Brands, bringing its own operation together with Aéropostale, Forever 21, Lucky Brand, and others under one management team led by former J.C. Penney CEO Marc Rosen.
Its retail footprint has shrunk steadily from about 846 stores in 2020 to approximately 650‑660 locations by mid‑2025. In addition, eight store closures were announced for 2025 across states, including Maryland, North Carolina, California, Colorado, Idaho, West Virginia, Kansas, and New Hampshire, driven by expiring leases and declining traffic.
Q1 2025 proved challenging with a 4.3 percent decline in net sales and a $69 million net loss—but the conversion to adjusted EBITDA in the black and rising in-store traffic, supported by marketing and improved beauty and jewelry sales, point to signs of stabilizing performance.
Impact on Local Customers & Mall Foot Traffic
For shoppers at SouthPark Mall in Strongsville, the sale is unlikely to affect retail experiences, since J.C. Penney retains responsibility for operations under the master lease. However, the change in property ownership may alter future redevelopment and investment decisions, as Onyx Partners takes control of physical assets.
Mall operators will continue negotiations with Onyx over property taxes, capital improvements, and leasing direction—factors that could shape long‑term plans for SouthPark, which presently serves 170+ stores and hosts substantial regional draw.
Broader Retail Real Estate & Industry Context
The sale illuminates retail real estate trends today:
- Investors remain interested in net‑leased properties despite retail sector turbulence.
- J.C. Penney’s real estate has been gradually monetized through this trust structure to reduce debt and support investors.
- Many sector peers—including Macy’s, Kohl’s, and Forever 21—are also downsizing underperforming assets amid shifting shopping patterns and increased e-commerce competition. The Sun
Retail specialists note that such sales are strategic moves in the broader tide of retail portfolio restructuring across America.
Conclusion
The SouthPark Mall JCPenney Has a New Owner headline is more than local news—it’s the visible result of a major restructuring effort that began with J.C. Penney’s bankruptcy and continues through a sweeping sale of 119 stores. While store operations remain with J.C. Penney under long-term leases, the transition to new property owner Onyx Partners signals broader shifts in how retail real estate is managed in an evolving economic landscape.
As part of Catalyst Brands, J.C. Penney is repositioning itself alongside other legacy retailers while navigating closures, lease terminations, and asset sales. Though local shoppers at SouthPark Mall may not notice immediate change, the landscape of U.S. retail continues to shift—and this sale is one chapter in that story.
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