## JLL Advises on $467M Sale-Leaseback of SouthState Bank Branches
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, with leadership from Senior Managing Directors Alex Sharrin, Coler Yoakam, and Brian Shanfeld, along with Senior Director Jeffrey Cicurel, Director Josh Katlin, and Associate Michael Roberts. Additionally, Senior Managing Director Josh Hirsch and Andrew Weir provided advisory support.
The portfolio comprises 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.”
### Industry Event
Be in the room for an exclusive presentation when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and participates in the Keynote Interview with Kevin Brennan of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on Wednesday, March 5, at Joe’s Live in Rosemont, IL.
