The sale is pending approval by bankruptcy courts at a hearing Sept. 14.
Centurion American and JCPenney agreed to an amount of $15 million in cash for the final anchor store at Collin Creek Mall. This is roughly $5 million more than the Sears anchor store sold for and is a higher price per-acre than the sale of the Sears, Macy's and Dillard's stores at the mall, according to case filings.
Developer Mehrdad Moayedi of Centurion American said in a statement that he expects to demolish the JCPenney store as planned.
Future plans for the expected site of the new JCPenney store are still up in the air, Moayedi said.
"We will be working with the city of Plano on the site that was to be the new JCPenney store to align these plans, however those plans aren’t finalized at this point," he said in an email. "Our team is looking forward to working with the city of Plano team to carry out their vision for the site in alignment with what works best for Plano."
Flexible zoning in and around the project will allow for easy adjustments by the city and developer moving forward, according to Plano City Manager Mark Israelson.
Centurion American began talks with JCPenney to purchase its anchor store for the redevelopment of Collin Creek Mall in September 2018. The developer agreed in March that it would pay for the construction of a new JCPenney in a new site location on the property. JCPenney would have remained in operation until the new site was built.
Following JCPenney's bankruptcy filing in May, Centurion continued talks with the company, ultimately deciding that an outright sale would be the most profitable, according to court filings.
The $15 million purchase agreement is scheduled to be approved at a Sept. 14 bankruptcy court hearing.
Liquidation of the store is expected to begin Sept. 3, with a closing planned in mid-November, according to an Aug. 18 statement from JCPenney.