Inland stores part of JC Penney sale

JC Penney has sold 119 stores, including three in the Inland Empire, in a transaction worth nearly $1 billion.

Onyx Partners, Ltd., a Boston private equity firm, bought the department stores for $947 billion, according to multiple reports.

Stores at the Galleria at Tyler in Riverside, Victoria Gardens in Rancho Cucamonga and Westfield Palm Desert were part of the all-cash transaction, as were 16 other California sites.

The sale was announced July 30 by Copper Property CTL Pass Through Trust, which was formed by JC Penney lenders after the venerable department store chain filed for bankruptcy in 2020.

Copper Property owns about 650 stores nationwide, according to reports.