Aug 28 JPMorgan Chase & Co is selling a drive-through bank branch in a toney Dallas neighborhood in a deal that could fetch $15 million to $20 million, according to sources familiar with the sale.
The Chase bank branch, a the 1.5-acre site, could support a new $100 million-plus project, which could include a 15- to 20-story office or apartment building, or a mix of both, the sources said.
The site is located in Dallas's Uptown neighborhood, which commands the highest office and apartment rents in the city. It is also in front of Klyde Warren Park, a 5.2-acre park built last year on top of a highway.
Evan Stone, Jones Lang LaSalle Inc's Capital Markets, is handling the sale, according to the sources.
Paige Steers, a spokeswoman for Jones Lang LaSalle, declined to comment, as did JPMorgan spokeswoman Trish Wexler.