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JCPenney has decreased in size of employees and no longer needs the 1.8 million-square-foot Class A headquarters they currently occupy in one of the most desirable locations for companies, Legacy Business Park in Plano.
The company plans to sell the campus with a partial leaseback. The estimated $380 million sale would help the company lower the $5.1 billion debt accrued since September 2013.
Several positive changes for JCPenney would come from this business deal, including reduction of debt, $10 million in increased SG&A costs, $23 million in decreased costs and $13 million per year improvement of cash flow.
CBRE Capital Markets out of Dallas is the sale’s facilitator and expects to close the large sale by sometime this year, with a projected timeline of three to four months.The relocation of large corporate headquarters such as Toyota and FedEx, as well as growth and the construction of Legacy West make the it an active development area.