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C+CT

CBL Bets Big on Malls, Onyx Acquires 119 JCPenney Stores, Secondary Markets Take the Spotlight in Major CRE Deals and more

August 1, 2025

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CBL Acquires Four Regional Malls in First Major Deal Since 2015
Onyx To Acquire 119 JCPenney Stores in $947M Deal
Brixmor Expands in Houston With $223 Million Acquisition of LaCenterra at Cinco Ranch
Retailers Donate Millions and Supplies Following Texas Flood Disaster
2 Commercial Real Estate Professionals Among Those Killed in Manhattan Office Shooting

CBL Acquires Four Regional Malls in First Major Deal Since 2015

CBL said on Tuesday that it bought four enclosed regional malls totaling 2.2 million square feet from WPG for $178.9 million. They are Kentucky’s Ashland Town Center; Grand Junction, Colorado’s Mesa Mall; Ocala, Florida’s Paddock Mall; and Missoula, Montana’s Southgate Mall. According to a spokesperson, it’s CBL’s first major mall acquisition since 2015, underscoring the REIT’s “bullishness on the traditional mall sector as the category experiences a renaissance.”

MORE ON CBL FROM C+CT: Is the Term “Mall” Making a Comeback?

The company has been shedding non-core assets — including non-core malls, open-air centers and outparcels — in favor of “stable and growing” assets, according to a press release. Since the start of 2024, it has sold $241 million worth of non-core properties, including this month’s $83.1 million sale of a D’Iberville, Mississippi, power center called The Promenade. CBL plans more open-air dispositions to amass capital for core purchases. “We are thrilled to add these four dominant enclosed malls to the CBL portfolio,” CBL CEO Stephen Lebovitz said. He added: “This transaction exemplifies our ability to strategically leverage the attractive valuations of our high-quality open-air and outparcel portfolio to fund investments in market-dominant enclosed malls.”

A Look at CBL’s Newly Acquired Malls

Kentucky’s 420,000-square-foot Ashland Town Center opened in 1989 and has more than 70 retailers and restaurants, including J

Kentucky’s 420,000-square-foot Ashland Town Center opened in 1989 and has more than 70 retailers and restaurants, including JCPenney, Belk, Ulta Beauty, Five Below, Olive Garden and Slim Chickens. Photo courtesy of CBL

The 733,000-square-foot Mesa Mall, developed in 1980, is the largest indoor shopping center in western Colorado, according to

The 733,000-square-foot Mesa Mall, developed in 1980, is the largest indoor shopping center in western Colorado, according to CBL, which also called the property a “premier retail destination between Denver and Salt Lake City.” It has more than 120 tenants, including Cabela’s, Dillard’s, JCPenney, Target and HomeGoods. Photo courtesy of CBL

Paddock Mall is the only enclosed mall in Florida’s Marion County, according to CBL. It, too, opened in 1980, and its 90 stor

Paddock Mall is the only enclosed mall in Florida’s Marion County, according to CBL. It, too, opened in 1980, and its 90 stores and restaurants span 550,000 square feet. In addition to its JCPenney, Macy’s and Belk anchors, a former Sears is being redeveloped as Paddock Market with spaces for 95 small businesses, according to the market’s Facebook page. Photo courtesy of CBL

CBL states the 546,000-square-foot Southgate Mall is western Montana’s largest enclosed shopping center. Opened in 1978, it s

CBL states the 546,000-square-foot Southgate Mall is western Montana’s largest enclosed shopping center. Opened in 1978, it sits near the University of Montana campus and has 85 tenants, including AMC Theatres, Scheels and Dillard’s. Photo courtesy of CBL

MORE FROM C+CT: Big Demand: Loads of Projects in College and University Markets

Another Major Investment in Secondary Markets: Chase Properties Buys Four Centers

Meanwhile, Chase Properties also has purchased a four-property retail portfolio from Ball Ventures. The properties, totaling 514,983 square feet, are Texas’ Killeen Marketplace; Lufkin, Texas’ Southloop Crossing; Fort Smith, Arkansas’ Massard Crossing; and Hot Springs, Arkansas’ SouthCenter Shopping Center.

Southloop Crossing in Lufkin, Texas, was acquired by Chase Properties in a four-property deal from Ball Ventures.

Southloop Crossing in Lufkin, Texas, was acquired by Chase Properties in a four-property deal from Ball Ventures. Photo courtesy of Chase Properties

Onyx To Acquire 119 JCPenney Stores in $947 Million Deal

Real estate investment and asset management firm Onyx Partners — whose portfolio consists of multifamily, office and industrial properties — has agreed to buy 119 JCPenney stores for $947 million from Copper Property CTL Pass Through Trust. The seller had been set up to acquire 160 stores and six distribution centers from JCPenney as part of the retailer’s Chapter 11 bankruptcy case and exists solely to own, lease and sell JCPenney properties. The properties fall under a long-term, triple-net master lease. The all-cash deal, reached on July 23, is expected to close by Sept.

“We believe we’ve achieved a very fair price for the sale of the portfolio,” said Copper Property principal executive officer Neil Aaronson said on Monday. Aaronson also is CEO of Hilco Real Estate, an affiliate of the trust’s manager. As of June 30, Copper Property already had sold 41 JCPenney stores and all six JCPenney distribution centers. Once the Onyx deal wraps up, the trust will have sold all 166 of the JCPenney properties it acquired.

JCPenney emerged from Chapter 11 bankruptcy in December 2020, seven months after the case was filed. In January, JCPenney merged with Sparc Group to form Catalyst Brands. Aside from JCPenney, brands under the Catalyst umbrella include Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica. JCPenney operates more than 650 stores in the U.S.

Brixmor Expands in Houston With $223 Million Acquisition of LaCenterra at Cinco Ranch

Brixmor has acquired LaCenterra at Cinco Ranch — a 409,000-square-foot, grocery-anchored lifestyle center in Houston’s western suburbs — for $223 million, according to Brixmor’s latest earnings report. Brixmor told C+CT the seller was PGIM. The property — whose tenants include Trader Joe’s, Lululemon, Ikea and Sephora, as well as restaurants and various service providers — draws more than 5 million visits annually and offers near-term leasing and remerchandising potential, as several below-market leases are nearing expiration, according to Brixmor.

LaCenterra at Cinco Ranch

LaCenterra at Cinco Ranch Photo courtesy of Brixmor Property Group

The acquisition expands the REIT’s Houston portfolio to 31 properties and advances its clustering strategy in key markets as it continues to evolve its merchandise mix, according to executive vice president and chief investment officer Mark Horgan.

Retailers Donate Millions and Supplies Following Texas Flood Disaster

H-E-B disaster-relief efforts in Kerr County, Texas

H-E-B disaster-relief efforts in Kerr County, Texas Photo courtesy of H-E-B

Retailers are stepping up to aid recovery efforts in the wake of July 4 flooding in Texas that, according to CBS Austin, has claimed at least 138 lives. Here are some of the retailers that are lending a hand:

• Texas-based grocery chain H-E-B; the Butt family, owners of the chain; and the H.E. Butt Foundation have committed
$5 million
to nonprofits that are supporting flood victims. In addition, H-E-B is providing meals, volunteers and products.

• Walmart, Sam’s Club and the Walmart Foundation have pledged up to $500,000 in grants and in-kind donations. Furthermore, Walmart and the Walmart Foundation have helped partners like the American Red Cross and The Salvation Army provide food, water and other supplies.

• Target employees in the Austin and San Antonio areas have been cooking meals for first responders and delivering supplies for rescue efforts. In addition, the retailer has partnered with disaster-relief organizations and is donating $250,000.

• The Albertsons grocery chain and Albertsons Companies Foundation have donated $20,000, as well as in-kind contributions like water and shelf-stable food.

• Through Aug. 4, Texas-based jeweler James Avery is donating all proceeds from the sale of its Deep in the Heart of Texas charms to flood-relief efforts. The company also has pledged $1 million to help with food, shelter, mental health care and other critical needs of flood victims.

• Texas-based jeweler Kendra Scott is donating all proceeds from the sale of its Everlyne bracelets to flood-relief efforts. In addition, the Kendra Scott Foundation is making a donation to the Kerr County Flood Relief Fund.

• Amazon has teamed up with the Central Texas Food Bank, Good360 and the United Rescue Alliance to deliver more than 155,000 supplies to flood-ravaged communities.

2 Commercial Real Estate Professionals Among Those Killed in Manhattan Office Shooting

Blackstone senior managing director Wesley LePatner died on Monday during a mass shooting at Blackstone’s headquarters building in New York City’s Manhattan borough. She was 43, The Wall Street Journal reported. Commercial real estate firm Rudin, which owns the building at 345 Park Ave. and also has its office there, lost associate Julia Hyman, who was 27.

LePatner and Hyman were among four people killed by a gunman who then took his own life, according to WSJ.

Wesley LePatner

Wesley LePatner Photo courtesy of Blackstone

LePatner was global head of core-plus real estate for the alternative asset manager and CEO of Blackstone Real Estate Income Trust, a role she assumed in January. She was a member of the Blackstone Real Estate Investment Committee and a member of Nareit’s Advisory Board of Governors. LePatner joined Blackstone in 2014 after 11 years at Goldman Sachs, where she most recently had been managing director of the real estate investment group within the asset management division.

“Words cannot express the devastation we feel,” Blackstone said. “Wesley was a beloved member of the Blackstone family and will be sorely missed. She was brilliant, passionate, warm, generous, and deeply respected within our firm and beyond. She embodied the best of Blackstone. Our prayers are with her husband, children and family. We are also saddened by the loss of the other innocent victims as well, including brave security personnel and NYPD.”

—Additional reporting by C+CT editor-in-chief Amanda Metcalf and managing editor Katie Kervin

By John Egan

Contributor, Commerce + Communities Today