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Arlo Bank buys former Los Cabos building for new location

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The newly formed Arlo Bank has conducted a south-side real estate purchase for a site where an office complex had been in the works since 2021.

Arlo Bank, a wholly-owned subsidiary of Arlo Financial Holdings Inc., announced in a news release this morning that it acquired the former Los Cabos Mexican Grill & Cantina at 4109 S. National Ave., just south of James River Freeway. A new location for Arlo Bank is planned at the site, officials say.

Mark Bybee, president and CEO of Arlo Bank, said via email that the real estate purchase closed Oct. 11 for undisclosed terms. He also declined to name the seller.

BiBi Investments and Development LLC in 2021 announced plans to develop a 41,000-square-foot building called BiBi Office Complex on the north side of the Los Cabos parking lot, according to past Springfield Business Journal reporting. Los Cabos closed in late 2022 after opening in 2018.

"Those plans will be canceled as part of this transaction," Bybee said of the BiBi Office Complex.

BiBi Investments and Development officials could not be reached immediately for comment by deadline.

Greene County assessor records continue to list Pasta Holding LLC as the owner of the property. The site once was home to Springfield Pasta Co. prior to the opening of Los Cabos and Cantina Laredo before that.

A Greene County recorder filing lists a release deed between grantee Pasta Holding LLC and grantor Bibi Optics LLC dated Oct. 11 for the property.

Bybee said Arlo Bank's location at the site would open in 12-18 months, putting the launch in late 2025 or early 2026.

Arlo Bank is currently planning to continue doing business at 318 South Ave. in downtown Springfield when the south-side operation debuts, Bybee said.

The South Avenue building was inherited through Arlo Financial Holdings Inc.’s acquisition of Springfield-based Systematic Savings Bank (OTC: SSSB), which closed Oct. 1, according to past reporting.

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