Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and manager of Copper Property CTL Pass Through Trust, said Thursday the trust has brought to market 121 net-leased JCPenney properties located across 35 states representing more than 16 million square feet. The majority of the portfolio’s properties are located in major metropolitan areas such as Austin, Miami, Houston, Los Angeles and New York. Fifty percent of the portfolio is in the Sunbelt, including 21 in Texas.

Averaging 132,700 square feet per store, the portfolio is the subject of an absolute, triple-net long-term master lease with the sole tenant, JCPenney. The retailer is owned in a joint venture comprised of two of the largest retail mall owners in the U.S., Simon Property Group and Brookfield Asset Management. 

Hilco JCP, LLC has chosen Newmark’s national retail capital markets team to market this portfolio. The targeted deadline for submitting offers is Feb. 26. Click here for additional information.

Hilco Consumer-Retail said Wednesday it will manage store closings for American Freight, which is shuttering all 328 of its locations nationwide. The closings occur as part of the Chapter 11 bankruptcy filing of Franchise Group, Inc. (FRG), the parent of American Freight, which said the decision to wind down the furniture and appliance retailer was due to “sustained inflation and macroeconomic challenges facing the large durable goods sector.” 

FRG undertook the Chapter 11 filing at U.S. Bankruptcy Court in Delaware in part to position its strongest brands—Pet Supplies Plus, The Vitamin Shoppe and Buddy’s Home Furnishings—for continued growth. Franchise operations of the three brands are not part of the filing.  

“Each of these businesses has a demonstrated value proposition and provides great products and services to customers, which they will continue to do seamlessly during this process,” said Andrew Laurence, FRG’s president and CEO. “Strengthening FRG’s balance sheet will allow us to enhance our support for these businesses as they advance their growth trajectories.” 

Hilco Real Estate (HRE) has made a significant expansion of its real estate receivership practice. The Northbrook, IL-based firm hired Matthew Mason as SVP, and he brings a team with him to HRE.

Mason joins HRE with 24 years of experience in real estate and fiduciary services. His background includes assisting institutional clients, lenders, and private investors with distressed real estate and serving as a court-appointed receiver for more than 200 retail, office, multifamily, industrial, hotel, and mixed-use projects.

Joining him at HRE are Andrew Streeter, who specializes in asset management of distressed assets through the takeover and disposition process; Robert Jones, a 20-year veteran of asset management, property management, leasing, negotiation and disposition; and Spencer Ruberti, who has more than 15 years of experience in commercial real estate, specializing in distressed assets and court-appointed receiverships.

“We are thrilled to welcome Matt to the Receivership group at HRE,” said Neil Aaronson, CEO at HRE, “With Matt’s extensive industry expertise and proven track record, we are confident that he and his team will offer a tremendous resource to our clients, securing, maintaining and right-sizing operations for individual real estate assets and portfolios.”

Pictured: Matthew Mason.