Developer Centurion American completes purchase of Plano Penney store

PLANO, TX – Centurion American Development has completed its purchase of the last piece of the Collin Creek Mall site in Plano. The Farmers Branch-based developer acquired the J.C. Penney store at the former shopping center site on U.S. Highway 75.

In August, Centurion American offered to pay J.C. Penney $15 million in cash for its almost-11-acre property at Collin Creek Mall.

Penney had originally planned to be a part of the $1 billion Collin Creek redevelopment but backed out of the deal this summer during its bankruptcy.

Centurion American just closed on its purchase of the Penney store, which was financed with a $10 million loan from Trez Capital.

The Penney building was part of the original mall, which opened in 1981.

Starting last year, Centurion American began demolition of most of the vacant shopping mall to make way for its new mixed-use development.

The more-than-100-acre site on the west side of U.S. 75 is being redeveloped with offices, residential, hotel and retail space.