JLL has arranged the $467 million sale and leaseback of 165 retail bank branches across six southeastern states, occupied by SouthState Bank. SouthState will continue to operate branches at each of the locations.

JLL’s Corporate Capital Markets and Net Lease team represented the seller and was led by Senior Managing Directors Alex Sharrin, Coler Yoakam and Brian Shanfeld, Senior Director Jeffrey Cicurel, Director Josh Katlin and Associate Michael Roberts. Senior Managing Director Josh Hirsch and Andrew Weir also advised.

The portfolio spans 1,183,816 square feet across Alabama, Georgia, Florida, North Carolina, South Carolina and Virginia. The acquisition includes a 15-year, absolute NNN leaseback agreement with SouthState, featuring 2.0% annual rent increases.

“Sale-leaseback transactions continue to create accretive balance sheet and capital optimization strategies for many financial institutions, including SouthState,” said Sharrin. “The ability to free up unrealized capital on the balance sheet by means of a sale-leaseback provides financial institutions with increased optionality.”

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