E
aston Group has acquired a JCPenney store at Miami International Mall, with the retailer set to remain as the tenant. Ed Easton, chairman of the Doral-based firm, stated that there are no immediate plans to redevelop the 10.3-acre site, which spans 1603 Northwest 107th Avenue in his hometown. The property was purchased by an Easton Group affiliate for $12.2 million, with records showing it's a single-tenant building and adjacent parking lot within the mall's site.

    The seller is a trust formed during JCPenney's Chapter 11 bankruptcy case in 2020 to sell off 146 stores. The retailer has continued to close stores nationwide since emerging from bankruptcy reorganization in 2020, but Easton said JCPenney intends to serve out its lease at Miami International Mall, which expires in 2040.

    Easton stated that JCPenney is current on rent payments and expects them to continue paying. However, he noted that the company has a fall-back position if necessary, with plans to redevelop the site. The mall's owner, Simon Property Group, is also facing challenges due to retailer woes and a significant drop in market value over the past decade.