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Plano-based JC Penney filed a request with the City of Plano to rezone seven tracts in its campus on Legacy Drive. If approved, it could open up new possibilities for the surrounding $2B Legacy West development, allowing 111 acres to be developed with office and retail space. Approximately 40 acres of the rezoned land could be sold as part of the sale-partial leaseback of the campus, the Dallas Business Journal reports.
The major retailer’s campus, including a 1.8M SF building and surrounding land, is on the market, but JC Penney hopes to partially leaseback the building once it’s sold. CBRE is marketing the campus and coordinating the sale-leaseback. Karahan Cos has already lined up to buy nine acres, pending approval by the City of Plano. [DBJ]
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