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J.C. Penney Cutting Store Size in Half

MIAMI-The 156,000-sf store will scale back to 83,000 sf at an undisclosed cost. J.C. Penney will sell the store to the developer, then lease back space, according to a spokesman for the Plano, TX department store chain.

By Melissa Bogdany | Updated on November 22, 2002

MIAMI-The J.C. Penney at Pompano Square Mall in Pompano Beach, FL is planning to decrease its size to a little more than half the store’s current square footage at an undisclosed project cost. The remodeled store will be approximately 83,000 sf, compared to the 156,000 sf it occupies now.

Plano, TX–based J.C. Penney is planning to sell the remaining space to the developer and lease the 83,000 sf back, company spokesman Tim Lyons tells GlobeSt.com. This space will include the 74,000-sf store on the first floor, as well as 9,000 sf of office and stock room space on the second floor, he says.

Currently, CDC Pompano Property Trust, which is an affiliate of New York’s CDC Mortgage Capital, owns the mall. But Charlotte, NC-based Faison Enterprises Inc. and Dallas-based Trammell Crow Co. inked a contract to purchase the mall in 2000. The sale has not closed to date. The store originally opened in 1970.

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