RACINE — JCPenney has put its space at Regency Mall up for sale.
Real estate company CBRE lists a $2.5 million sale price for the JCPenney store, 5900 Durand Ave. A JCPenney spokesman confirmed the property is for sale but declined to offer
“There are no further details surrounding a potential sale beyond the listing,” spokesman Joey Thomas said in an email. “We cannot speculate potential sale timing, store closure or financial benefit.”
The listed broker of the sale, Donna Kolius, referred questions to JCPenney. Dan Summerlin, director of corporate relations for CBL & Associates, which owns Regency Mall, also declined comment and referred questions to JCPenney.
The listing advertises the site as an “excellent redevelopment opportunity” in a “strong retail submarket.” The store, which was built in 1980, is more than 150,000 square feet on an 11.9-acre site, according to the listing.
In addition to Racine, CBRE is involved with the sale of JCPenney stores in Georgia and Virginia, according to a confidentiality agreement attached to the listing.
News of the possible sale comes about six months after another Regency Mall anchor, Sears, closed its doors. The company said at the time the closure was part of a “series of actions” to cut costs and transform its business model.