J. C. Penney Completes Sale Of Home Office Building In Plano, Texas

(RTTNews) - J. C. Penney Company, Inc. (JCP) announced that it has completed the sale of its Home Office building and surrounding 45 acres of land in Plano, Texas to Dreien Opportunity Partners, LLC, general partner of Silos Opportunity Partners, LP, for a gross sale price of $353 million before closing and transaction costs.

The Company previously announced that upon the transfer of ownership, JCPenney would lease back approximately 65 percent of the building, leaving the remaining square footage available for new tenants.

The company noted that the building lease expense would be offset by a reduction in maintenance costs, property taxes and interest expense as a result of paying down debt with proceeds from the transaction.