JCPenney Sells Arizona Stores in $46 Million Deal to Red Mountain Group Amid Strategic Store Optimization
Two JCPenney stores in Arizona have been sold as part of an ongoing downsizing of the retailer’s real estate holdings. The properties, located in Tucson and Tempe, were acquired by Red Mountain Group, a real estate investment company, for a combined $46 million. The sales are part of JCPenney’s efforts to optimize its store footprint…