The closure of bank branches has created unique opportunity for commercial real estate investors and retail tenants. Take one real estate investor that recently acquired 144 vacant bank branches across the Southeast and Mid-Atlantic.
The rate of bank-branch closures has slowed this year, though, an analysis by S&P Global Market Intelligence recently found. Banks have closed 3,619 branches and opened 1,044 between September 2021 and August 2022 whereas, between September 2020 and September 2021, the industry closed 4,700 branches and opened 1,131 branches, according to S&P Global.
A search of the properties included in the portfolio sale found they were former BB&T and SunTrust branches that closed after a 2019 merger of the banks, which created Charlotte, North Carolina-based Truist Financial Corp. ., a principal at Madison Marquette who leads its excess corporate assets investment program, when asked. A former SunTrust branch at 345 W. John St. in Matthews, North Carolina, included in the transaction sold for $750,000, according to real estate records.
Lemonade's acquisition of the branches was the biggest portfolio deal closed so far by the program, Anderson said. A portfolio sale of so many branches is somewhat unique.
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