Bellingham’s JCPenney sold in $947 million deal that includes 118 other stores
Bellingham’s JCPenney department store has been purchased as part of a $947 million deal including 119 total properties.
The sale comes five years after JCPenney filed for bankruptcy due to the Covid pandemic and not being profitable for 10 years, and then gained $450 million from lenders to attempt to restructure the company.
“Copper Property CTL Pass Through Trust, which was created to hold and sell JCPenney assets following its 2020 bankruptcy, announced the deal in July,” selling the stores to Onyx Partners Ltd. in Boston, according to recent reporting by McClatchy.
The deal is set to close on or before Sept. 8, and “provides certain limited termination rights on a property-by-property basis,” according to a July 25 press release from Copper Property CTL Pass Through Trust.
“The properties are under a triple-net master lease, under which JCPenney remains responsible for all operating costs, including property taxes, insurance, and maintenance,” according to previous reporting by McClatchy.
The sale includes three Washington state stores in Bellingham, Southcenter and Kennewick.
Although the all-cash deal is closing in September, all 119 stores are set to remain open, according to previous reporting by McClatchy.
Bellingham’s JCPenney store is located inside the Bellis Fair mall at 1 Bellis Fair Parkway.
This story was originally published August 5, 2025 at 10:53 AM.
