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 after emerging from bankruptcy in 2020.
Despite the sale, the stores will remain open and continue to operate under JCPenney’s leaseback arrangement with the new owner. This strategy allows JCPenney to raise capital while continuing to serve its customers at these locations, reflecting an industry-wide trend of retailers moving to more flexible real estate models.
Read the original Arizona home sales article.