JLL advises on $91.7M sale-leaseback portfolio of Trustmark Corporation retail bank branches

• JLL Capital Markets completed the $91.7 million sale-leaseback of a 34-property retail bank portfolio owned by Trustmark Corporation.
• The 222,037-square-foot portfolio is leased back to Trustmark under a 15-year absolute triple-net master lease.
• Blue Owl acquired the five-state Southeastern portfolio, which features strong branch deposit bases and extensive drive-thru infrastructure.

CHICAGO, Sept. 17, 2026 – JLL Capital Markets announced today that it has arranged the $91.7 million sale and leaseback of 34 retail bank branches across five states in the Southeast, occupied by Trustmark Bank (“Trustmark”).

JLL worked on behalf of the seller, Trustmark, in the sale. Funds managed by Blue Owl acquired the portfolio.

The portfolio spans 222,037 square feet across the Southeast. The transaction includes 15-year, absolute NNN leaseback agreements with Trustmark, featuring 1.50% annual rent increases.

The portfolio is anchored by Trustmark’s core Mississippi footprint and complemented by established branches along Florida’s Gulf Coast and in the Memphis, Houston, Montgomery and Huntsville markets. The locations’ average deposits per branch underscore their importance to Trustmark’s regional franchise.

Trustmark will continue to operate branches at each of the locations with no changes to its products or service offerings. The acquisition expands Blue Owl’s Real Assets platform’s bank branch holdings across the Southeast, building on its 2025 acquisition of SouthState’s 165-branch portfolio, which JLL also arranged.

JLL’s Corporate Capital Markets and Net Lease team represented the seller.

“Bank branch sale-leasebacks remain one of the most efficient tools available to financial institutions looking to unlock embedded real estate value and redeploy that capital into their core business,” said Alex Sharrin, Senior Managing Director and Co-Lead of the Corporate Capital Markets & Net Lease Team. “The depth of investor demand for this offering reflects the scarcity of investment-grade net lease retail product in today’s market and the significant amount of capital targeting long-term, credit-backed income.” 

"By working alongside the corporate capital markets team at JLL to structure this transaction, Trustmark has successfully unlocked the embedded value within our physical footprint," stated Trustmark CEO Duane Dewey. "This highly coordinated partnership allows us to seamlessly transition capital out of passive real estate assets and deploy it into high-performing, income-generating securities, thereby optimizing our investment portfolio while maintaining the high level of customer service across our branch network that our customers expect and deserve."

“Blue Owl’s Real Assets platform is excited to work with Trustmark and JLL on this sale-leaseback. We continue to see bank branches leased to high-quality, investment-grade institutions as an attractive long-term investment, and we look forward to a lasting relationship with Trustmark,” added Marc Zahr, Co-President of Blue Owl and Global Head of Real Assets.

The sale of the Trustmark portfolio underscores continued investor appetite for investment-grade bank branch real estate and the growing role of sale-leasebacks in balance sheet strategy for regional banks.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Trustmark Corporation (NASDAQGS: TRMK) is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Visit trustmark.com for more information.

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®. With $315 billion in assets under management as of March 31, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,390 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com or LinkedIn: https://www.linkedin.com/company/blue-owl-capital.