UBS Affiliate Sells Bank Branches for $135M

NEW YORK CITY-GlobeSt.com exclusively learns that John K.C. Hyslip and Net Lease Capital Advisors have acquired 114 Citizens Bank branch buildings for $135 million. The seller of the properties, which are located in Michigan, Vermont, Illinois, Rhode Island, Connecticut, New Hampshire, and New York, is UBS affiliate CRE Master JV Holdings LLC.

Net Lease Capital Advisors is a Boston-based real estate investment and advisory firm providing advanced tax solutions for property owners. John K.C. Hyslip, as the equity investor–with the Net Lease Capital Advisor’s team–obtained a mezzanine loan to complete the transaction. President Ted Morandin of Morprop Advisors LLC, who acted as an advisor to all parties, could not speak for UBS’ motivations in selling the facilities. The branches total 372,780 sf.