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.
GRAND RAPIDS, MICH. — Hygge Design + Build, a design and construction firm specializing in custom homes, has opened its new workspace and showroom at 251 State St. in the heart of Grand Rapids. The new location is a repurposed gas station located in the city’s Heritage Hill Historical District. Hillary Taatjes Woznick and Todd Leinberger of NAI Wisinski of West Michigan represented the undisclosed seller, while Becky Vandenbroek represented Hygge on an internal basis.
SEGUIN, TEXAS — A joint venture between Collett & Associates and the Alexander Family will develop Seguin Crossing, a 135,000-square-foot shopping center that will be located roughly 35 miles northeast of San Antonio. Valued at $25 million, the 14-acre development will be home to retailers such as Hobby Lobby, Five Below, James Avery and an undisclosed sporting goods provider, among others. Construction is scheduled to begin by the end of the year, with store openings scheduled for fall 2025.
SHENANDOAH, TEXAS — BRKTHROUGH, an interactive entertainment concept, will open a 20,000-square-foot venue in Shenandoah, roughly 40 miles north of Houston. Located within the Metropark Square mixed-use development, the facility will feature 40 challenge rooms with competition-focused games. The concept also includes a curated food and drink menu offered in a dedicated BRK ROOM space. Sam Moon Group manages Metropark Square.
GREENLAWN, N.Y. — New York-based Nouvini Property Investments has purchased a retail property in the Long Island community of Greenlawn for $3 million. According to LoopNet Inc., the property at 233-243 Broadway was built in 2012, totals 20,000 square feet and is home to multiple restaurants. Triple Net Brokers represented both Nouvini and the undisclosed seller in this transaction.
KETCHIKAN, ALASKA — Crystal Investment Property (CIP), a member of Hotel Brokers International, has arranged the sale of The Landing Hotel, Restaurant & Pub in Ketchikan. CIP’s Joseph Kennedy, along with Mary Wanzer, a licensed Alaska broker, represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 3434 Tongass Ave., The Landing Hotel, Restaurant & Pub is a 107-key, independent mid-scale hotel. The full-service property offers flexible meeting and events space, event planning and catering for onsite and offsite events, a lounge area, fireplace, business center, fitness center and courtesy shuttle service. Additionally, the hotel is home to two dining options: The Landing Restaurant and Jeremiah’s Pub.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of a retail space at 151 W. Orange Grove Road in Tucson. MH Holding Group LLC, dba Learn & Play Daycare Preschool, acquired the asset from Foothills Business Ventures for $1.2 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the seller, while Cory Lamb and Robert Lamb of Long Realty Co. represented the buyer in the deal.
COON RAPIDS, MINN. — The Boulder Group has arranged the $3.4 million sale of a single-tenant retail property net leased to Outback Steakhouse in Coon Rapids within metro Minneapolis. The 6,268-square-foot restaurant building is located at 8880 Springbrook Drive NW. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a California-based private investor. The seller was a New York-based real estate private equity firm. Outback has 12 years remaining on its lease with three five-year renewal options as well as 1.8 percent annual rental increases in the primary term. The tenant has operated at the property for 27 years. Outback, a subsidiary of Bloomin’ Brands, operates more than 1,000 restaurants worldwide.
SAN ANTONIO — MLSA Ventures will redevelop the historic La Villita Assembly Hall in San Antonio into a 49,993-square-foot food-and-beverage destination. Renovations to the building, which was originally constructed in 1958, will begin during the second quarter of 2025. In addition to space for food and beverage concepts, the redevelopment will include public patios and a large outdoor bar with a beer garden. Completion is expected for 2027. Ford, Powell & Carson is the project’s architect of record, and Kopplow Construction is the general contractor. JLL is the leasing agent.
HIGHLAND VILLAGE, TEXAS — Memphis-based Poag Development Group has welcomed three new tenants to The Shops at Highland Village, an 359,781-square-foot retail property located near the North Texas city of Denton. Chinese restaurant Dragon House will open a 5,200-square-foot space next to AMC Theatres in October. Athleisure apparel provider lululemon has leased a 5,590-square-foot space next to The Cheesecake Factory, and wellness concept iCRYO has taken a 2,587-square-foot space adjacent to Boardroom Salon for Men. JLL manages Shops at Highland Village on behalf of Poag.