FREEHOLD — There’s new uncertainty surrounding the JCPenney anchor store at Freehold Raceway Mall after a major real estate deal fell apart just days before it was supposed to close.
The nationwide transaction, valued at nearly $1 billion, would have transferred ownership of more than 100 JCPenney buildings across the country, including the large Freehold Township location. But the sale never made it to the finish line.
The deal involved Copper Property CTL Pass Through Trust, which holds many former JCPenney properties following the retailer’s bankruptcy, and Onyx Partners, a Boston-based private equity firm. When the agreement failed to close by its late-December deadline, the transaction was officially terminated.
In New Jersey, the proposed sale included JCPenney buildings at several major shopping centers, including Freehold Raceway Mall, Rockaway Townsquare, Woodbridge Center and Newport Centre in Jersey City.
According to a regulatory filing, Copper Property confirmed the deal’s cancellation but did not outline what comes next for the properties involved.
For now, the future of the Freehold Raceway Mall anchor space remains up in the air — another example of how large department store real estate continues to shift as shopping habits and retail strategies evolve.
