CHICAGO AND ELMWOOD PARK, ILL. — Byline Bancorp Inc. (NYSE: BY) and First Security Bancorp Inc., including its wholly owned subsidiary First Security Trust and Savings Bank, have entered into a definitive merger agreement for a cash and stock transaction valued at approximately $41 million. According to a release, the transaction will solidify Chicago-based Byline’s position as Chicago’s largest community bank with assets under $10 billion, $7.3 billion in loans and $7.8 billion in deposits, with 45 branches across metro Chicago. Headquartered in Elmwood Park, First Security Bancorp maintains total assets of $354.8 million, total loans of $201.4 million and total deposits of $321.8 million as of June 30. First Security Trust and Savings Bank offers commercial and community banking services, with one branch location in Elmwood Park. Under the terms of the merger agreement, Byline will issue nearly 2.2 shares of its common stock for each outstanding share of First Security common stock, or approximately 1.5 million shares to First Security common stockholders. The transaction has been approved unanimously by each company’s board of directors and is expected to close during the second quarter of 2025, subject to regulatory approvals and the approval of First Security’s stockholders.
CHICAGO HEIGHTS, ILL. — Principle Construction is underway on a two-building, 276,019-square-foot industrial build-to-suit for Morgan Li in Chicago Heights, a southern suburb of Chicago. The family-owned furniture and fixture fabricator had a previous warehouse destroyed by a fire in February 2023 on the project site. Building A will total 237,756 square feet with 230,298 square feet of warehouse space and 5,122 square feet of office space. The facility will feature a clear height of 36 feet, 20 docks and four drive-in doors. Building B will house 36,360 square feet of warehouse space as well as 1,143 square feet of office space. It will also feature a specialized paint line mechanical system for Morgan Li’s operations. Principle will also construct a 158-stall parking lot with four electric vehicle charging stations. Morgan Li’s 245 employees have been working out of secondary locations in Matteson and South Holland while the new space is under construction. Designhaus Inc. Architecture designed the new facilities. Completion is slated for March 2025.
CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …
CHICAGO — Chicago-based multifamily developer and property manager Habitat has broken ground on OC Living Phase A2, the second multifamily building at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Scheduled to open in late 2025, the building will feature 75 units, 82 percent of which will be affordable. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 units will have market-rate rents. The City of Chicago invested $9 million for Phase A2, and 23 percent of the project’s total development costs are being covered by Chicago tax-increment financing funds. The three-story building will feature a mix of studios, one- and two-bedroom units. A planned third phase will consist of townhomes and multi-flat units with larger floor plans designed for families. Simultaneous with the groundbreaking, Habitat hosted the grand opening of the first residential building, OC Living. The four-story property features 23 studios, 60 one-bedroom units and nine two-bedroom apartments. A 45,000-square-foot commercial building completed in 2021 marked Phase I of the 10-acre development. The three-story building is home to Sinai Chicago’s One Lawndale Community Care and Surgery Center, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. Developed …
ITASCA, ILL. — Lee & Associates of Illinois has brokered the $6.2 million sale of a 59,778-square-foot industrial building in Itasca. The property is located at 700 District Drive. Jeffrey Janda of Lee & Associates represented the seller, Levi Holdings. The buyer, Venture One Real Estate, purchased the building pre-leased to Premistar, an HVAC contractor. Cal Payne of CBRE represented Premistar, and Michael Clewlow represented Venture One on an internal basis.
CHICAGO — Interra Realty has arranged the sales of two multifamily properties in Chicago for a total of $7.3 million. A 10-unit building at 4540 N. Ravenswood Ave. in the Ravenswood neighborhood sold for $4.2 million. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, Vassil Bayraktarov, whom Feldman represented on the original acquisition in 2021. The property was built in 2019. In the second transaction, a 16-unit asset at 5408-5414 N. Campbell Ave. in the Lincoln Square neighborhood sold for $3.1 million. Feldman procured the local private buyer and represented the confidential seller. All of the units received renovations in 2009. The buyer plans to make cosmetic upgrades to increase the rent roll. The property sold for 99 percent of the list price.
MONEE, ILL. — Venture One Real Estate, in partnership with DRA Advisors, has purchased a 718,709-square-foot industrial building in Monee, a southern suburb of Chicago. The purchase price and seller were undisclosed. Located at 25850 Ridgeland Ave., the property is fully leased to one tenant. Constructed in 2004 and situated on 44 acres, the facility features a clear height of 30 feet, 75 exterior docks, two drive-in doors and more than 100 trailer stalls. Sean Devaney, Kurt Sarbaugh, Ed Halaburt, Ross Bratcher, Scott Duerkop, Keith Stauber and Steve Ostroswki of JLL represented the seller. Brian Walsh and Lucas Borges of JLL arranged permanent financing for the transaction. Venture One utilized its acquisition fund, VK Industrial VI, which is co-sponsored by Venture One and Kovitz Investment Group.
CHICAGO — AmTrust RE has acquired Parkline Chicago, a 213-unit luxury apartment tower in Chicago’s East Loop neighborhood. The sales price and seller were undisclosed. The 26-story property is located at 60 E. Randolph St. Totaling 210,000 square feet, the building features 189 rental units and 24 penthouses. Amenities include a two-story sky lounge, fitness and yoga studio, indoor/outdoor pool with attached sundeck and private dog run. Commercial tenants in the building’s 6,200 square feet of retail space include Smoothie King and Starbucks. Parkline Chicago features unobstructed views of Millennium Park, Buckingham Fountain and Lake Michigan. AmTrust is a longtime investor in the Chicago office market. John Jaeger, Justin Puppi and Jason Zyck of CBRE brokered the transaction.
ITASCA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 59,735-square-foot industrial building in Itasca for an undisclosed price. Constructed in 1972 and located at 700 District Drive, the facility features clear heights ranging from 18 to 24 feet, three docks, two drive-in doors and parking for 77 cars. Venture One signed a long-term lease with a tenant prior to closing on the property. Jeff Janda of Lee & Associates represented the undisclosed seller, while Cal Payne of CBRE represented Venture One and the tenant. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
JOLIET, ILL. — Galleria Furniture has signed a 20,000-square-foot retail lease at Marycrest Shopping Center in Joliet. The 171,000-square-foot strip center, located on Jefferson Street, is home to Provena Health, Joliet Bank & Trust, Rent-A-Center, Golden Corral, Dollar Tree, Sidelines Sports Bar, Posh Salon Suites, Clair Beauty Mart, Popus Gourmet Popcorn and Basinger’s Pharmacy. The property is now 93 percent leased. Chris Irwin and Brad Belden of Colliers represented the owner, RMS. Eli Munoz of Wirtz Real Estate represented Galleria Furniture.