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JC Penney Properties For Sale 

    



Interested in Purchasing a JC Penney Property for Investment?

 

If you wish to purchase a JC Penneyproperty for investment, please email  info@nnndeals.com; We have access to an extensive inventory of triple net JC Penney Properties for sale in Washington DC, Maryland, Virginia and the entire United States. 

 

 

JC Penney

 

 
Price: 

$3M - $7M


Lease Term
:

10 – 15 Years


Increases:
 
10% Every 5 years 
Lease Extensions: 20 – 40 Years  

Lease Type
:
Absolute NNN Lease 

Lease
Guarantee: 

Corporate and Franchise
CAP Rate Ranges:
6% – 7%
Public
Traded as NYSEJCP
Industry Retail
Founded April 14, 1902; 113 years ago
Kemmerer, Wyoming,U.S.
Founders
Headquarters 6501 Legacy Drive,Plano, Texas,United States
Number of locations
1,060 (2010)
Area served
Nationwide
Key people
Products
  • Clothing
  • cosmetics
  • electronics
  • footwear
  • furniture
  • housewares
  • jewelry
Revenue US$12.257 billion(2014)
US$-342 million (2014)
US$-771 million (2014)
Total assets US$10.404 billion(2014)
Total equity US$1.914 billion (2014)
Number of employees
114,000 (2015)
Website www.jcpenney.com

    

   

About JC Penney:

 

The    J. C. Penney Company  (doing business as  JCPenney  ,  JCP  , and formerly as  Penney's  ) is a chain of American mid-range  department stores  based in  Plano, Texas. 

The company operates 1,060 department stores in 49  U.S. states  (JCPenney once operated in Hawaii) and  Puerto Rico, and previously operated a catalog business and several discount outlets.[4]  In addition to selling conventional merchandise, JCPenney stores often house several leased departments such as  Sephora,  Seattle's Best Coffee, salons,  optical  centers,    portrait studios, and jewelry repair. 

Most JCPenney stores are located in  suburban  shopping malls. Before 1966, most of its stores were located in downtown areas. As shopping malls became more popular during the latter half of the 20th century, JCPenney followed the trend by relocating and developing stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some freestanding stores, including some next door to competitors. Certain stores are located in  power centers. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation   

On January 24, 2011, JCPenney announced it would exit the catalog business and close all 19 of its catalog outlet stores.[20]  An additional seven stores, two call center facilities, and one customer decorating facility would also be closed.[20]  One of the JCPenney Outlet Stores that closed, at  Franklin Mills Mall  (now Philadelphia Mills Mall), in  Philadelphia, PA, was replaced on March 2, 2012 by a regular JCPenney store. 

On February 12, 2011,  The New York Times  exposed the company's use of link schemes—"spamdexing"—to increase the JCPenney web site's ranking in  Google  search results, especially during the holiday season. Doug Pierce, an expert in  online search, described the optimization as "the most ambitious attempt to game Google's search results that he has ever seen." Ultimately, Google took retaliatory action and drastically reduced the visibility of JCPenney in searches. Although the retailer denied any involvement, it fired its search engine consulting firm, SearchDex.[21] 

In June 2011, JCPenney announced that  Ron Johnson  would become the company's new CEO.[22]  In October 2011, JCPenney sold the 15 remaining catalog outlet stores to SB Capital Group. These stores will remain open then transition to JC's 5 Star Outlets.[23]  On December 7, 2011, JCPenney announced the acquisition of 16.6 percent of  Martha Stewart Living Omnimedia  stock. JCPenney plans to put "mini-Martha Stewart shops" in many of its stores in 2013, as well as starting a website together.[24] 

In January 2012, the company's chief operating office at the time, Michael Kramer, revealed to the  Wall Street Journal  that more than 30 percent of the bandwidth of JCPenney's headquarters was used for the viewing of  YouTube  videos during that month alone. Kramer consequently terminated the tenures of 1600 employees to change the company's workplace culture.[25] 

On February 1, 2012, JCPenney began a new pricing method, with "Every Day" prices on most days reflecting what used to be sale prices, "Monthly Value" for certain items every month in place of sales, and "Best Price" the first and third Fridays of each month, tied to paydays.[26][27]  Prices would also not end in 9 or 7, instead using whole figures when pricing items.[28]  The changes in the stores include a focus on the mini-stores such as those for Martha Stewart products. 

In April 2012, the company announced plans to trim its workforce, laying off nearly 13% of its home office staff in Dallas, and closing a call center in Pittsburgh. Many managers, supervisors and long-time employees were let go on April 30, 2012, due to "simplified practices" that no longer needed as much oversight.[citation needed]  In June 2012, the company announced that Michael Francis, the company's president, was leaving the company, after only eight months on the job, effective immediately.[29]  In July 2012, the company announced that it was laying off 350 more workers at its headquarters.[30] 

In August 2012, JCPenney began rolling out a Shops strategy in stores. The shops are described as stores-within-a-store, planning to eventually roll out 100 shops in 683 stores. The first shops include Levi's, The Original Arizona Jean Co., and i jeans by Buffalo.[31]  That month, the company posted a second quarter comparable-store loss of 22%, with internet sales dropping 33%. At an analyst meeting in New York the same day, Johnson said, "I’m completely convinced that our transformation is on track." JCPenney's stock rose 5.9% on Johnson's comments at the analyst meeting, the largest single-day stock increase since late January 2012. [32]  The "secret" prototype store is located on the 3rd floor of the store at  Valley View Center  in Dallas, which has been closed to the public. 

Fourth quarter sales for JCPenney, in 2012, were poor. Sales were off 28.4% from a year earlier, same store sales were down 32%. Strategic choices made by Johnson a year earlier, including the change in pricing strategy, were being called into question.[33] 

It was announced in April 2012 that Nickelson Wooster would become the  creative director  for JCPenney menswear.[34]  Wooster stated in an interview with  Esquire magazinethat his influence on the brand would begin with spring menswear available as of February 2013.[35] 

On April 8, 2013, Johnson was fired from JCPenney after 17 months with the company. Mike Ullman, the retailer's former CEO, was announced as his replacement shortly afterwards—the official statement claimed that Ullman was "well-positioned to quickly analyze the situation JCPenney faces and take steps to improve the company’s performance."[36] 

In August 2013,  William A. Ackman, of  Pershing Square Capital Management, continued his efforts to remove Thomas Engibous, the company's Chairman of the Board of Directors.[37]  However, Ackman resigned from the board on August 12, 2013 and two new directors were subsequently appointed to the board, one of whom is former Macy's vice chairman Ronald Tysoe.[38][39]  In his statement, Ackman stated: 

During my time on the JCPenney Board of Directors, I have always advocated for what I believe to be in the best interests of the Company—its stockholders, employees and others. At this time, I believe that the addition of two new directors and my stepping down from the Board is the most constructive way forward for JCPenney and all other parties involved.[39] 

On September 26, 2013, JCPenney, with Goldman Sachs as the sole underwriter, announced plans to issue 84 million shares of its stock. The move stood in contrast with CEO Mike Ullman's remarks from earlier that day, whereby he did not foresee "conditions for the rest of the year that would warrant raising liquidity."   [40] [41] 

During a November 2013 conference call to  Wall Street  analysts, Ullman announced that JCP is "restoring initial markups necessary to support the return [to a] promotional department store strategy" with "gross margins, currently 29.5 percent of sales versus 32.5 percent a year ago, were lower due to the impact of clearance sales to eliminate inventory overhang and to transition back to the promotional pricing strategy the company is known for".[42]  Ullman is removing the  radio frequency identification  technology and returning to security tags because  shrinkage  has "added 100 basis points on margins in the third quarter".[42]  Various analysts have mixed reviews of JCP's future.[42] 

On December 1, 2013, J.C. Penney was replaced by  Allegion  in the  S&P 500  Index.[43]  S&P cited J.C Penney's 37% fall in market value to $2.7 billion (equivalent to $2.74 billion in 2016) was "more representative of the mid-cap market." J.C. Penney replaced  Aéropostale  from the S&P MidCap 400 Index. 

On January 15, 2014, J.C. Penney announced it is closing 33 underperforming stores and laying off 2,000 employees.[44]  CEO Mike Ullman explained in a news release, "As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly."[45] 

In the later parts of 2013, Soros Fund Management sold away over 19 million shares after only owning them for a few months, originally purchasing them in April 2013.[46] 

Meanwhile, J.C. Penney's stock has continued its decline until their first quarter results in 2014 showed signs of improvement, and sent the share value back into the double digits. 

In October 2014 it was announced that the company would be tapping former Home Depot executive Marvin Ellison to take on the role of CEO starting in November 2014.[47] 

In January 2015, it was announced that JCPenney would close 39 underperforming stores nationwide and lay off 2,250 employees. [48]  That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores. 

 

JC Penney Properties For Sale Across the United States :

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,  Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey,  New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma,  Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands,  Washington, West Virginia,  Wisconsin,  Wyoming  



  

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