CBRE IM Pays $1.6B for Cerberus’ Net-Lease Platform

September 9, 2026

The collection spans 12 million square feet.

CBRE Investment Management has acquired Cerberus Capital Management’s Tenet Equity net-lease platform for $1.6 billion. The portfolio includes 208 properties totaling 12 million square feet across 39 states.

More than 65 tenants across 26 industries fully occupy the collection, having a weighted average lease term of 16.7 years.

Tenet operated through sale-leaseback deals, providing capital solutions that aid middle-market companies in monetizing real estate without losing operational control. Cerberus provided the resources, according to prepared remarks by Tenet Chairman Chris Volk.

A few notable examples include the 2025 acquisition of Texas Tissue’s 554,145-square-foot warehouse in Conroe, Texas, near Houston, as well as the purchase of Cincinnati Inc.’s 436,645-square-foot manufacturing headquarters in Harrison, Ohio, for $24 million that same year, Yardi Matrix data shows.

CBRE IM will further invest in Tenet’s growth by acquiring net lease assets as part of a strategy led by Akash Shivashankara, a senior portfolio manager at the company with a tenure of more than two decades.

Truist Securities and Evercore served as financial advisors to CBRE IM and Cerberus, respectively. Kirkland & Ellis LLP provided legal advice to Cerberus.

Net lease continues to generate interest

The sector has room to grow as CBRE IM estimates that several trillion dollars of corporate-owned operational real estate sit on the owners’ balance sheets across North America. Institutional ownership clocks in at just 1 percent of the addressable market.

Sale-leaseback activity has slowed considerably, with $3.4 billion in U.S. deals closing during the 12 months ending in June, according to a CBRE report. Volume declined 59 percent from the preceding 12-month period, reflecting a more selective environment.

Despite the decline, overall net-lease investment volume was up 13.6 percent during the same period to $57 billion, the report shows. Private and institutional investors, as well as equity funds, increased their capital allocations toward the sector, while REIT commitment softened.

Some of the sector’s high-profile deals included BlackRock’s acquisition of ElmTree Funds’ build-to-suit net lease platform, which had $7.3 billion in assets under management as of July 2025, as well as the $2.2 billion deal inked by Starwood Property Trust to buy Brookfield Asset Management’s Fundamental Income Properties.