Key Takeaways
- • Onyx Partners has submitted a revised offer of $934 million for 117 J.C. Penney store properties across 35 states, maintaining the prior deal structure negotiated in May 2025 at approximately $8 million per store.
- • The previous acquisition agreement between Onyx and Copper Property CTL Pass Through Trust collapsed in December 2025 under unclear circumstances, though investor questions regarding valuation and alternative options were raised during trust discussions in July 2025.
- • Copper Property Trust, established during J.C. Penney's 2020 bankruptcy to manage 160 store leases and six distribution centers, has successfully divested 40-plus properties and is marketing the remaining 117 parcels as its final asset sale tranche.
- • Onyx has secured full financing for the transaction and stands ready to close by September 25, 2026, though the trust has not yet responded to the current proposal as of the article's publication date.
- • The 117 properties operate under long-term leases, meaning a real estate transaction would not disrupt current store operations under Catalyst Brands, the entity operating J.C. Penney locations.
Summary
Onyx Partners, a private equity firm, has resubmitted an acquisition proposal for a substantial portfolio of J.C. Penney store properties after its previous attempt to secure the deal ended in December 2025. The new offer values 117 properties at $934 million, consistent with the original per-store valuation of approximately $8 million established in the May 2025 framework. According to an Onyx Partners spokesperson, financing is fully committed and the firm is prepared to close the transaction by September 25, 2026.
The properties span 35 states and represent the final remaining asset cohort managed by Copper Property CTL Pass Through Trust, a vehicle created during J.C. Penney's 2020 bankruptcy proceedings to oversee leases for 160 stores and six distribution centers. The trust has already liquidated more than 40 properties to various buyers, leaving the 117 parcels now under bid as its terminal offering. The reasons for the collapse of Onyx's previous agreement remain undisclosed, though Copper Property executives fielded substantial investor scrutiny during July 2025 discussions regarding purchase price adequacy and alternative disposition strategies.
A representative from Catalyst Brands, the operator of J.C. Penney stores, confirmed that all 117 locations maintain long-term lease agreements, insulating store operations from potential disruption resulting from the underlying real estate transaction. As of publication on August 3, 2026, Copper Property Trust and other property representatives have not responded to Onyx's current proposal, leaving the transaction's fate uncertain.
The properties span 35 states and represent the final remaining asset cohort managed by Copper Property CTL Pass Through Trust, a vehicle created during J.C. Penney's 2020 bankruptcy proceedings to oversee leases for 160 stores and six distribution centers. The trust has already liquidated more than 40 properties to various buyers, leaving the 117 parcels now under bid as its terminal offering. The reasons for the collapse of Onyx's previous agreement remain undisclosed, though Copper Property executives fielded substantial investor scrutiny during July 2025 discussions regarding purchase price adequacy and alternative disposition strategies.
A representative from Catalyst Brands, the operator of J.C. Penney stores, confirmed that all 117 locations maintain long-term lease agreements, insulating store operations from potential disruption resulting from the underlying real estate transaction. As of publication on August 3, 2026, Copper Property Trust and other property representatives have not responded to Onyx's current proposal, leaving the transaction's fate uncertain.
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