The JCPenney retail space at Cherry Hill Mall has been sold for $4.8 million, roughly four years after its last sale. The transaction, finalized in late October, was to Houston-based Transnational Management Ltd., according to Camden County records. The sale price equates to $7.01 per square foot for the 685,678-square-foot lot, which includes parking, as per data from the seller, Copper Property CTL Pass Through Trust.

Philadelphia-based PREIT, which owns most of the 1.3 million-square-foot Cherry Hill Mall, confirmed via email that the store will continue operating as a JCPenney. Copper Property CTL Pass Through Trust, part of Illinois-based Hilco Real Estate, previously acquired the 181,337-square-foot building and its parking spaces for $4.77 million in January 2021. The trust was created as part of JCPenney’s Chapter 11 bankruptcy reorganization to hold 160 retail properties and six warehouse distribution centers.

*Article courtesy of Philadelphia Business Journal

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