By  on February 6, 2014

Deploying its real estate assets to generate badly needed cash, J.C. Penney Co. Inc. said today that it is working with three companies to develop land adjacent to its Plano, Tex., headquarters.

Penney’s has formed a partnership with Team Legacy, a venture of Karahan Cos., Columbus Realty and KDC, to develop 240 acres of land acquired by the retailer in 1987, as it prepared to relocate to Plano from New York. Penney’s home office was completed in 1992.

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