Avison Young’s Capital Markets Team Advises Dallas Investor in the $450 million Acquisition and Repositioning of J.C. Penney Company’s Headquarters in Plano, Texas

NYC-Based Team of John Bralower, Justin Piasecki, Peter Steier and Ethan Blum Served as Exclusive Strategic Advisor for the Acquisition and Repositioning of J.C. Penney Company’s Headquarters in One of the Nation’s Foremost Sale Leaseback Transactions of 2016

NEW YORK--()--Avison Young, the world’s fastest-growing commercial real estate services firm, served as exclusive strategic capital markets advisor to Silos Opportunity Partners, LP, to finance the $450 million acquisition and repositioning of the 1.8 million-square-foot headquarters for J.C. Penney Company and surrounding 45 acres of developable land in Plano, TX. Avison Young’s New York-based structured finance team arranged the debt and equity for this transaction on behalf of an affiliate of veteran Dallas Real Estate Investor Sam Ware.

“The capital stack we assembled will enable our client to effectively execute plans to revitalize the core asset while creatively unlocking tremendous additional value.”

As arranged by the Avison Young team of John Bralower, Justin Piasecki, Peter Steier and Ethan Blum, the purchase was capitalized by a major Texas-based financial institution with additional capital from undisclosed sources.

Retailer J.C. Penney Company will lease back 65 percent of its iconic headquarters, leaving approximately 600,000 square feet available for lease in one of the nation’s hottest markets. The new owner plans to sell and/or develop the surrounding 45 acres and reimagine the existing building to create a world class, market-leading environment for both J.C. Penney Company and the new occupants.

“We’re tremendously proud of our work in furnishing strategic acquisition advice, arranging the capital for this transaction, and providing successful support and solutions for our client’s grand vision for this campus,” said John Bralower, Principal and Managing Director, U.S. Capital Markets for Avison Young. “The capital stack we assembled will enable our client to effectively execute plans to revitalize the core asset while creatively unlocking tremendous additional value.”

The property’s unparalleled location, adjacent to the $3 billion Legacy West development, is just west of the Dallas North Tollway. The campus sits at the center of one of America’s fastest growing corporate hubs. Major new developments include Toyota’s North American headquarters as well as headquarters for JP Morgan Chase and Liberty Mutual Insurance.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.

For further information/comment/photos:

Tom Nolan, Great Ink, 212.741.2977 – tom@greatink.com

Kelly Ferraro, Great Ink, 212.741.2977 – kelly@greatink.com

Arielle Herzfeld, Senior Director of Marketing, Tri-State, Avison Young: 212.729.7465

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Contacts

Avison Young
Tom Nolan/Kelly Ferraro, 212-741-2977
tom@greatink.com; kelly@greatink.com