This Week’s Dallas-Fort Worth Deal Sheet (May 5, 2020)

KDC topped out a spacious new office tower in West Plano in late April. 

The development, located at 8181 Communications Parkway, is Phase 2 of JPMorgan Chase‘s 540K SF expansion project. Once finished in May 2021, the tower will stand 12 stories, allowing the financial institution enough room to grow its workforce by another 4,000 employees. 

Courtesy of KDC

JPMorgan Chase’s new 12-story office tower at 8181 Communications Parkway.

“We were thrilled that JPMorgan Chase returned to KDC to develop the next phase of their corporate campus at Legacy West,” KDC President Toby Grove said. “The company’s expansion further cements JPMorgan Chase in the corporate-anchored portion of Legacy West and enables even more of its employees to enjoy the amenity-rich and high-energy development.”

JPMorgan Chase acquired 50 acres within Legacy West about five years ago for its campus.

The HKS-designed campus includes multiple mid-rise buildings, parking garages and landscaped open areas with water features. The tower in Phase 2 is expected to be the largest on campus. 

Balfour Beatty is serving as general contractor during Phase 2. 

EXECS

Steve Mentesana has joined Walker & Dunlop as senior managing director of the FHA Finance Team. He will oversee multifamily loan originations, particularly lending linked to the U.S. Department of Housing and Urban Development. 

Mentesana has spent three decades in the commercial real estate industry and brings knowledge of HUD’s refinance, healthcare and construction lending practices, Walker & Dunlop said in a press statement. 

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Industrial real estate firm Meritex named Ben Lieser market lead for Texas, a role he will handle while maintaining his current market lead position in Minnesota. Lieser will provide management oversight for both teams while working directly with tenants. Lieser will play a key role in working with tenants for new developments, including  the Jetstar 114 Business Center near DFW International Airport.

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Chase Jansen has joined The Woodmont Co. as a development associate. Jansen supports the development department, helping the unit expand its National Development Program. 

Courtesy of Matthews

Sanctuary 1518 apartments in Dallas.

SALES/ACQUISITIONS 

Slate Properties sold its Sanctuary 1518 apartment community at 1518 North Carroll Ave. in Dallas. A private buyer out of California purchased the 20-unit apartment community. 

Located in the Dallas East Village, the property has vaulted ceilings, red oak floors, polished concrete and a community fire pit.

Matthews Real Estate Investment Services’ Danny McQuaid represented the seller. 

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Phoenix-based NexMetro Communities, known for creating single-family leased neighborhoods, just purchased a 27-acre parcel at Alta Mesa Boulevard and Grandbury Road in Fort Worth. 

Younger Partners’ Tom Grunnah, Michael Ytem and Jeremy Lillard negotiated for the buyer, NexMetro Trails LP.

“This location has the demographics required by NexMetro, in addition to future retail development in the immediate area,” Grunnah said in a statement. The previous owner and seller was a Kroger store.

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Pegasus Real Estate LLC acquired the 396-unit The Vineyards at Arlington Apartments from Vineyards at Arlington LLC and Arlington Realty Owner De LLC. The 35-year-old asset comes with 31 buildings and 16.4 acres. 

NorthMarq’s Taylor Snoddy, James Robert and Philip Wiegand represented the seller, while the firm’s Stephen Whitehead, Lauren Bresky and Philip Wiegand found acquisition financing and located an equity partner for the buyer. 

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Alternative investment manager JCR Capital invested in two apartment complexes, one of them in Hurst, Texas, outside of Dallas, using a new fund. 

JCR Capital’s repeat partner Edison Equity Partners invested in Heritage Village, a 120-unit age-restricted community catering to residents above the age of 55. The asset was built several years ago and comes with four-story mid-rise buildings and cottages. 

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Canada-based Republic Funds offloaded its 100-unit Regency Oaks Fort Worth apartment complex in late April. The buyer for the property at 2121 Handley Drive in Fort Worth is a Texas limited liability company.

Marcus & Millichap’s Al Silva exclusively marketed the property for the seller, Republic Funds.  

Courtesy of Vineyards at Arlington LLC

The Vineyards at Arlington Apartments

LEASES

Impex GLS Inc. renewed its 11K SF lease of warehouse space at 800 Port America in Grapevine. 

Bradford Commercial Real Estate Services’ Brock Wilson and Joe Santaularia negotiated for the tenant. Meanwhile, Lincoln Property Co.’s Gil Stroube negotiated on behalf of the landlord, Stockbridge Port America LP.

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Keller Williams Realty-North Dallas inked a lease for 25K SF at 18333 Preston Road. The firm will move its headquarters to the new office in late July. The office is right next to the company’s existing location, keeping it on Preston Road. SCM Real Estate Services’ Renee Elmoff represented Keller Williams. JLL’s Trevor Franke and Andrew Scudder represented the landlord, Preston North Partners LLC. 

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New Millennium Concepts Ltd. inked a long-term lease for nearly 7K SF at 3301 Airport Freeway in Bedford. The landlord, Leasing on a Jet Plane LLC, hired SCM Real Estate Services’ Renee Elmoff to handle negotiations on its behalf. Elmoff already leases the building for a local entity.