JCPenney stores at Polaris, Tuttle Crossing mall to be listed for sale

COLUMBUS, Ohio (WCMH) -- JCPenney stores connected to two central Ohio malls are among 120 locations nationwide that will be for sale in January.

Polaris Fashion Place's JCPenney at 1450 Polaris Parkway and Tuttle Crossing mall's store at 5083 Tuttle Crossing Blvd. hit the market this month as part of a retail portfolio that includes 120 locations for sale. All together, the department stores span more 15 million square feet across 34 states.

Newmark, a commercial real estate advisor, is listing the portfolio on behalf of Copper Property CTL Pass Through Trust, an entity that was created after JCPenney filed for bankruptcy in 2020. The trust has been tasked with selling 160 JCPenney properties and since completed the sales of 37 stores, garnering $497 million.

The 120 stores are long-term leased to JCPenney, and the portfolio's first year net revenue from the existing leases is estimated to total $100 million, according to Newmark's marketing. The average store size is 132,000 square feet, while both the Polaris and Tuttle Crossing locations are nearly 150,000 square feet.

Like the Polaris and Tuttle Crossing stores, about 90 of the locations in the portfolio neighbor malls while 30 are located in shopping centers or are free-standing.

Other Ohio stores included in the portfolio include JCPenneys at Stone Creek Town Center in Colerain Township near Cincinnati, The Shops at Fallen Timbers in Maumee near Toledo and SouthPark Center in Strongsville.