JCPenney bankruptcy turned into a major real estate play!

追加: 2026-05-28

[00:00:00]J.C. Penney out of bankruptcy. And what they did was they they separated J.C.

[00:00:05]Penney's operating business from their underlying real estate. Based on the price it was trading at, it was unlevered trading at an implied 14% cap rate. Meanwhile, it was a portfolio of properties that were renting space to the new well-capitalized J.C. Penney operating business. And it was a 20-year absolute triple net ground lease. We invested and we were getting, you know, 12 12 to 13% yield unlevered just on the rental income.

[00:00:40]>> Wow.

[00:00:41]>> we we we did really well on that one.