JC Penny selling Plano headquarters

To raise cash to pay down debt to fix its retail business, JC Penny is selling its Plano’s headquarters. Close to 100 parties have already expressed interest in buying.

If the sale closes by year-end, it will help JCP refinance a $2.2 billion loan that is coming due. Penney then plans to lease back about 2/3 of the building for its corporate staff later.

CBRE Capital Markets is helping Penney in the sale. The buyer will also get part of the Legacy West project under construction next door that will include the North American headquarters for Toyota.