JCPenney Land Deal Could be Worth $200M

The plan revealed last week by JCPenney Co. Inc. (Plano, Texas) to develop land around its headquarters complex will be worth an estimated $200 million to the retailer.

Bloomberg News reported that that’s according to an analysis of property records and a project estimate.

JCPenney announced on February 6 that it hired three firms to develop 240 acres in Plano, acquired by the company in 1987 when it moved its headquarters from New York. The land has been appraised at about $90 million, according to public records, but the value could at least double once the property has been developed for commercial use.

Bloomberg reported that FedEx Office, a unit of FedEx Corp. (Memphis), is in talks to build in the JCPenney development and move the division’s headquarters there from Dallas, 20 miles to the south, where property is much more costly.