PLANO – J.C. Penney has sold its headquarters at 6501 Legacy Dr. to a Dallas-based investor in one of the largest North Texas sales of the year.
A partnership headed by investor Sam Ware's Drien Opportunity Partners paid more than $400 million for the 1.8 million-sf office complex as well as 40 acres surrounding the property just west of the Dallas North Tollway.
The new owners plan to sell and develop the land surrounding Penney's offices and will renovate the 1980s headquarters complex. The vacant land along Legacy Dr., currently occupied by lawns and a small pond, is zoned for office and retail space.
The retailer will consolidate its offices into about 600,000 sf in the north end of the building.
The purchase was financed in part with a $388.7 million mortgage from Beal Bank. A second $50 million note and cash were also listed in the terms of purchase.
J.C. Penney hired CBRE to find a buyer for the property.
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