OMAHA, NEB. — Equity Bancshares Inc. (NYSE: EQBK), the Wichita, Kan.-based holding company of Equity Bank, has entered into a definitive merger agreement with Frontier Holdings LLC, the parent company of Frontier Bank in Omaha. The transaction adds seven locations to Equity’s franchise and marks the company’s entrance into Nebraska. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Frontier will receive approximately 75 percent of its consideration in EQBK stock and the balance in cash. Subject to receipt of customary regulatory and member approvals and closing conditions, the merger is expected to close in the fourth quarter. Following completion, Frontier Bank will merge with and into Equity Bank. Established in 1937, Frontier Bank currently operates seven Nebraska locations, with two in Lincoln and one each in Falls City, Madison, Norfolk, Omaha and Pender. As of June 30, Frontier Bank had $1.4 billion in total assets, including $1.3 billion in loans and $1.1 billion in deposits. The combination with Frontier brings Equity’s total strategic transactions to 26 since the company’s founding in 2002, including 14 whole-bank acquisitions since the company’s initial public offering in 2015. Stephens Inc. advised Equity, which …
SOUTH ELGIN, ILL. — Lee & Associates of Illinois has negotiated the $6.5 million sale of 84.4 acres of residential land at 325 Umbdenstock Road in South Elgin. John Cassidy, Jay Farnam and Ken Franzese of Lee & Associates represented the seller, Spohr Family Trust. The buyer, Lennar/CalAtlantic Group LLC, was self-represented. The site was previously marketed for an industrial use for more than a decade, according to Farnam. Lee & Associates secured a residential home builder to purchase the site and worked with the village on a land entitlement and approval process.
ROCHESTER, MINN. — Kraus-Anderson has broken ground on the $39 million Graham Park Exhibition Center in Rochester. The multipurpose facility will serve as a year-round hub for sports events, concerts, livestock and horse shows, trade shows and cultural celebrations in southeast Minnesota. Designed by LHB Architecture and CRW Architecture + Design Group, the 80,000-square-foot property will feature a 49,000-square-foot main area with retractable seating for up to 1,500 people, a 16,500-square-foot warm-up arena for pre-event activities and an outdoor activity pad for flexible outdoor events. The project will also include space for 250 portable stalls and accommodations for visitors, exhibitor and animals. Completion is slated for early 2027.
ORLANDO, FLA. — Global energy technology leader Siemens Energy has signed a lease totaling more than 242,000 square feet to relocate its Orlando offices to 6876 Marwick Lane within Lake Nona Town Center’s newest office building. The company will transfer its existing Alafaya Trail workforce to Lake Nona by 2027. Siemens’ lease is now considered the largest office lease in Orlando since 2009 and among the top three biggest in the city’s history, according to CoStar Group. Lake Nona Town Center was planned and developed by Tavistock Development Co.
CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …
ASHEVILLE, N.C. — An affiliate of Lone Star Funds has sold The Lofts at Reynolds Village, a mixed-use development located at 61 N. Merrimon Ave. in Asheville. The property includes 201 apartments and 63,000 square feet of ground-level retail space. Baltimore-based Continental Realty Corp. is purchasing the property from Lone Star Real Estate Fund VI LP for an undisclosed price. Walker & Dunlop represented Lone Star, which structured the deal as a sale of REIT stock, in the transaction. Built in 2010, The Lofts at Reynolds Village features one-, two- and three-bedroom apartments, as well as a pool, onsite property manager, business center, lounge, sauna and a spa, according to Apartments.com.
BOSTON — A joint venture led by locally based REIT Diversified Healthcare Trust (NASDAQ: DHC) has received $1 billion for the refinancing of the Vertex Pharmaceuticals headquarters facility in Boston. A consortium of lenders — Morgan Stanley Bank, Bank of Montreal, Goldman Sachs and J.P. Morgan — provided the financing, which was structured with a five-year term and a fixed interest rate. Local investment firm RMR Group, which provides asset and property management services for the joint venture, arranged the debt. The majority of the proceeds will be used to retire $620 million in fixed-rate debt on the property, as well as to fund leasing reserves and repatriate cash to investors. Located at 50 Northern Ave. and 11 Fan Pier Blvd. in Boston’s Seaport District, the two-building facility spans approximately 1.1 million square feet. Both buildings were constructed in 2013. Vertex, which produces medicines and therapies for genetic disorders including cystic fibrosis, renewed its lease in August 2024 and will remain the property’s sole occupant through 2044. The joint venture ownership group includes multiple institutional investment groups that were not named in the announcement. Diversified Healthcare’s stake in the property is 10 percent; the company previously sold a 10 percent …
CINCINNATI AND CHICAGO — First Financial Bancorp. (Nasdaq: FFBC) has agreed to acquire BankFinancial Corp. (Nasdaq: BFIN) in an all-stock transaction valued at approximately $142 million. Upon completion of the transaction, BankFinancial’s consumer, trust/wealth management and selected commercial credit lines of business will be incorporated into First Financial’s respective business lines, and all BankFinancial bank employees will become First Financial associates. The merger agreement has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the fourth quarter, subject to customary closing conditions, regulatory approvals and approval of BankFinancial shareholders. As of June 30, Cincinnati-based First Financial Bancorp. had $18.6 billion in assets, $11.8 billion in loans, $14.4 billion in deposits and $2.6 billion in shareholders’ equity. The company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services to businesses and consumers. The company operated 128 full-service banking centers in Ohio, Indiana, Kentucky and Illinois as of June 30. Chicago-based BankFinancial is a commercial lender with 18 full-service banking offices located in Cook, DuPage, Lake and Will counties within Illinois. BankFinancial NA operates as a subsidiary of BankFinancial Corp.
LOUISVILLE, KY. AND MARSHALL, MICH. — Automotive giant Ford Motor Co. (NYSE: F) will invest $2 billion at its Louisville Assembly Plant and $3 billion at its BlueOval Battery Park Michigan factory. Combined, the investment will create and secure approximately 4,000 jobs across both plants, as well as spur dozens of new U.S.-based suppliers, according to Ford. Ford’s investments will help the automaker deliver a suite of electric vehicles (EVs), beginning with a midsize, four-door electric pickup truck that will be assembled at its Louisville plant. Ford plans to launch domestic and international sales of the new trucks, which are expected to be priced starting at $30,000, in 2027. Jim Farley, president and CEO of Ford, says that the automaker will be the first in the country to make prismatic lithium iron phosphate (LFP) batteries, which are cobalt- and nickel-free and serve as the floor of the new EVs. Ford plans to begin manufacturing the new prismatic LFP batteries for the new electric truck at BlueOVal Battery Park Michigan next year. Located in Marshall, Mich., the factory is under construction, with the shell built out and mechanical, electrical and piping infrastructure underway. Ford says that the lithium LFP battery cell …
SANDY SPRINGS, GA. — Life Time, a leading healthy lifestyle fitness brand, has opened its ninth athletic club in Atlanta in the northern suburb of Sandy Springs. Situated between the “King and Queen” office towers along the confluence of I-285 and Ga. Highway 400, Life Time Perimeter transformed the former Concourse Athletic Club into a three-story, 79,000-square-foot facility. The multimillion-dollar renovation includes eight outdoor pickleball courts, five tennis courts and a beach club-style swimming pool area. Other facilities include an expansive fitness floor with cardio equipment, resistance machines and free weights, as well as a recovery space that features water massage and cold therapy chairs. The club also offers more than 100 classes weekly, including barre, yoga and Pilates, a LifeCafe and a Kids Academy. Life Time Perimeter joins other area athletic clubs in the Atlanta submarket including Alpharetta, Sugarloaf, Johns Creek, Woodstock, Peachtree Corners, Buckhead and North Druid Hills, which opened in December 2024.