J.C. Penney sells Texas headquarters campus for $353 million

J.C. Penney Co. Inc. JCP, +2.82% said Tuesday that it has sold its home office and the 45-acre Plano, Texas, campus it resides on for $353 million, before closing and transaction costs, to Dreien Opportunity Partners LLC. J.C. Penney said in a previous announcement that it would lease back about 65% of the space once ownership has transferred. Rental costs, according to Penney, will be offset by a reduction in maintenance expenses, property taxes and interest expenses after the retailer pays down debt using proceeds from the transaction. The property, about 20 miles northeast of Dallas, has served as J.C. Penney's global headquarters since 1992. J.C. Penney shares closed up 0.2%, and are up 25.1% in the past year. The S&P 500 index SPX, +0.40% is up 10.5% over the last 12 months.