CBRE Investment Management has agreed to acquire Tenet Equity from Cerberus Capital Management for $1.6 billion, adding a national net-lease platform with more than 200 properties to its investment portfolio.

The transaction is part of a larger trend of institutional demand for long-duration real estate income streams, particularly those backed by tenants that assume most property-level expenses.

The acquisition gives CBRE Investment Management a platform with roughly 12 million square feet across 39 states, serving more than 65 tenants in 26 industries. Cerberus formed Tenet in 2021 with net-lease veterans Nick Eggert and Andrew Gallagher, building the business over five years before pursuing the sale.

For commercial real estate investors, the deal reflects a broader shift toward acquiring operating platforms as well as individual assets. A platform can bring not only an existing portfolio but also underwriting capabilities, tenant relationships, origination capacity and a pipeline for future sale-leaseback transactions. CBRE Investment Management said it plans to expand its net-lease holdings as Tenet grows.

“The net-lease asset class sits at the intersection of corporate credit and real estate,” Bob Davenport, global head of corporate credit at Cerberus, said in a statement.

“We’re confident Tenet is well-positioned for substantial growth and success.”

A Growing Investment Market

The transaction arrives during an active period for the sector. U.S. net-lease investment totaled $12.8 billion in the second quarter of 2026, up 13% from a year earlier and representing 10% of all commercial real estate investment, according to CBRE data.

Industrial properties accounted for $8.1 billion of that volume, up 28% year-over-year. Retail investment rose 6% to $2.9 billion, while office volume declined 21% to $1.8 billion.

That performance has attracted large alternative asset managers and institutional investors looking for stable cash flow. Goldman Sachs recently agreed to acquire sale-leaseback specialist LCN Capital Partners for up to $410 million.

In July 2025, Starwood Property Trust acquired Fundamental Income Properties from Brookfield Asset Management for about $2.2 billion, gaining 467 properties, 92 tenants and a weighted average lease term of 17 years. BlackRock expanded in the sector through its acquisition of ElmTree Funds and its $7.3 billion net-lease business, while Blue Owl Capital agreed to acquire healthcare net-lease REIT Sila Realty Trust for $2.4 billion.

Those transactions point to a market in which investors value the infrastructure behind the assets, not solely the assets themselves. Experienced teams can identify companies that own mission-critical real estate and may use a sale-leaseback to raise capital for expansion, debt reduction or shareholder liquidity. For the buyer, the transaction can create a long-term landlord-tenant relationship with an operating company that remains in place.

Rate Pressure And Supply

The strategy is not without constraints. Higher interest rates can pressure values and push cap rates higher, particularly for assets with shorter leases or tenants that lack investment-grade credit.

The Boulder Group reported that single-tenant net-lease supply rose 12.5% from the first quarter to about 5,800 properties in the second quarter. The report also noted that companies may accelerate sale-leaseback activity when traditional borrowing becomes more expensive.

For CBRE Investment Management, the Tenet acquisition offers scale in a sector where tenant quality and lease structure can matter more than building type alone. Cerberus, meanwhile, is exiting a business it established only five years ago, demonstrating the value institutional buyers place on platforms that can originate and manage net-lease investments.