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Hilco Global Update 09/20/22

Hilco Announces Sale of 7 JCPenney Retail Locations for $65.2M

Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and Manager of Copper Property CTL Pass Through Trust (the "Trust"), announced today that the Trust has sold seven of its JCPenney retail locations for $65.2 Million at a blended implied cap rate of 7.28% in three separate all-cash transactions.

On September 9, 2022, the Trust sold a five property Mid-Atlantic portfolio generating $3.9 Million in current annual rent for a price of $53 Million, representing an implied cap rate of 7.43%. The five JCPenney locations were located at Christiana Mall in Newark, Delaware, The Mall in Columbia in Columbia, Maryland, Westfield Annapolis in Annapolis Maryland, Fair Oaks Mall in Fairfax, Virginia and Springfield Town Center in Springfield, Virginia.

On August 25,2022, the Trust sold the JCPenney location at Pheasant Lane in Nashua, New Hampshire generating $367,000 in current annual rent for a price of $6.55 Million, representing an implied cap rate of 5.6%.

On August 29, 2022, the Trust sold the JCPenney location at Dulles town Centre in Sterling, Virginia generating $441,000 in current annual rent for a price of $5.65 Million, representing an implied cap rate of 7.8%.

The Trust has now sold its six Distributions Centers and 23 of its Retail Properties, generating a total of $868 Million in sales proceeds.

Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and Manager of the Trust and Newmark Real Estate of Massachusetts, LLC represented the Trust in these transactions.

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