Southaven JCPenney involved in sale, will stay in operation
July 30, 2025 – The Southaven JCPenney department store in the Southaven Towne Center is among 119 stores involved in a sale to Onyx Partners Ltd., a Boston-based private equity firm.
The $947 million all-cash sale was announced on Friday, July 25. The stores remain operational as they are net-leased, meaning JCPenney pays rent and operating expenses. The stores involved remain operational.
JCPenney filed for Chapter 11 bankruptcy in May 2020 during the COVID-19 pandemic. The filing was part of a plan to restructure and reduce billions in debt. After the bankruptcy, Copper Property CTL Pass Through Trust was formed by JCPenney’s lenders to manage and sell off real estate assets.
Meanwhile, Simon Property Group and Brookfield Asset Management took over the retail operations and remaining stores.
The deal is expected to close by Sept. 8, and the proceeds—estimated between $928 million and $932 million after closing costs—will go to JCPenney’s creditors.
Southaven is the only Mississippi store included in the sale.
Onyx Partners Ltd. is a Boston-based private equity firm that specializes in commercial real estate investments across the United States.
Onyx has managed over $2 billion in private transactions across 47 U.S. states. Their portfolio includes net-leased retail properties, like the 119 JCPenney stores they recently acquired.
They aim for risk-adjusted returns by diversifying across asset classes and geographic regions.
Onyx works with businesses of all sizes—from startups to multinational corporations.
They’ve kept a low public profile and haven’t commented on their plans for the JCPenney stores, but their track record suggests a strategic, long-term investment approach.
