J.C. Penney To Sell Plano HQ To Raise Cash
Retail giant J.C. Penney plans to sell its Plano HQ in a partial leaseback that would reduce outstanding debt and help the chain raise cash.
CBRE Capital Markets is marketing the three-story, 1.8M SF Class-A campus; it's likely to sell for about $360M, according to the Dallas Business Journal. Any prospective buyer would have about 650k SF of office space; J.C. Penney is retaining the rest.
Since a failed restructuring four years ago, J.C. Penney has been struggling with a severe cash shortfall and $5.3B of long-term debt. Two years ago, the company sold off a huge chunk of land around its HQ but kept a stake in the resulting development. The strategy raised hundreds of millions of dollars.