Wells Hill represented First Union Corporation, currently part of Wells Fargo, one of the nation's largest banks, on the sale-leaseback of a portfolio of its branches and also made an investment in the transaction for its own account.

First Union took advantage of its strong capital position in the late 1980s to acquire other banks throughout the Southeast. Wells Hill was alert to these transactions and subsequently proposed that, in order to realize previously unrecognized gains and redeploy such gains to generate earnings, the bank sell 100 branches and enter into a long-term net lease of these properties. Wells Hill organized an auction to select a corporate lessor and financed most of the purchase via a seven-lender, five-tranche bond issue. First Union realized more than $60 million in capital gains for reinvestment into its banking business.

With full client agreement, an affiliate of Wells Hill acquired the residual lessor position for its own account.