What the sale of JCPenney could mean for its real estate holdings

Last week, J.C. Penney Co. Inc. announced that it had reached an agreement to sell its retail and operating assets to two of the largest mall owners in the country, Brookfield Property Group and Simon Property Group, for $1.75 billion. While the sale has not officially closed, the agreement between the three companies has massive implications on not only JCPenney's business moving forward, but also its giant portfolio of real estate, which totaled over 105 million square feet as of Feb. 1, 2020.…