May 9, 2017
Oak Brook, IL-based CenterPoint Properties acquired a one-million-square-foot distribution facility in Buena Park, CA from JCPenney for $131.3 million. The 24-acre property is located at 6031 Orangethorpe Ave. and served as a West Coast hub for the retailer.
JCPenney, which plans to shift operations to the Inland Empire, will lease-back the Orange County facility while the new owner seeks a replacement tenant. The property was built in 1967, and is configured in four 250,000-square-foot sections, which gives CenterPoint an option to offer it for multi-tenant occupancy.
NAI Capital represented JCPenney, while the buyer was self-represented.
JCPenney is also closing its store at the Village at Orange next month. So far, that’s the only SoCal store planned to be closed as part of the retailer’s 138 locations slated to be shut down nationally.
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