**JLL Advises on $467M Sale-Leaseback of SouthState Banks**
JLL has facilitated the $467 million sale and leaseback of 165 retail bank branches across six southeastern states, all occupied by SouthState Bank. SouthState will continue to operate branches at each of the locations under the agreement.
JLL’s Corporate Capital Markets and Net Lease team represented the seller in the transaction. The team was led by Senior Managing Directors Alex Sharrin, Coler Yoakam, and Brian Shanfeld, along with Senior Director Jeffrey Cicurel, Director Josh Katlin, and Associate Michael Roberts. Senior Managing Director Josh Hirsch and Andrew Weir also advised on the deal.
The portfolio covers a total of 1,183,816 square feet across Alabama, Georgia, Florida, North Carolina, South Carolina, and Virginia. The sale includes a 15-year absolute NNN leaseback agreement with SouthState Bank, 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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