CBRE IM Buys $1.6B Tenet Net-Lease Platform From Cerberus

CBRE Investment Management has expanded its net-lease business with a $1.6B platform acquisition. Commercial Property Executive reports that the firm acquired the Tenet Equity net-lease platform from Cerberus Capital Management. The deal adds 208 properties and 12M SF across 39 states.

Tenet Adds Scale and Long-Duration Leases

The acquisition gives CBRE Investment Management a national platform built around operational real estate. More than 65 tenants across 26 industries fully occupy the portfolio, and the weighted average lease term is 16.7 years. Tenet has grown to 12M SF since its launch in 2021. The platform focuses on sale-leasebacks for middle-market companies. Those transactions let businesses monetize owned real estate while retaining operational control of their facilities.

Cerberus provided the resources that supported Tenet’s expansion before the sale. Tenet Chairman Chris Volk said Cerberus supplied the resources that allowed the platform to pursue those transactions. The model targets corporate users that need capital. Those companies can retain long-term control of warehouses, manufacturing facilities and other operational properties.

The Details

The portfolio includes 208 properties across 39 states. Recent acquisitions illustrate the asset mix. Tenet bought Texas Tissue’s 554,145-SF warehouse in Conroe, Texas, in 2025. It also acquired Cincinnati Inc.’s 436,645-SF manufacturing headquarters in Harrison, Ohio, for $24M that year. Yardi Matrix data cited in the report provided those transaction details. CBRE IM plans to invest further in Tenet and acquire additional net-lease assets.

Senior portfolio manager Akash Shivashankara will lead the strategy. Truist Securities advised CBRE IM, Evercore advised Cerberus, and Kirkland & Ellis provided legal counsel to Cerberus. The acquisition adds a functioning platform rather than a single portfolio purchase. Tenet already has an established sale-leaseback strategy for middle-market companies. That gives CBRE IM a way to source operational properties from businesses seeking capital without leaving their facilities.

Why It Matters

CBRE IM is buying scale in a sector where institutional ownership remains limited. The firm estimates several trillion dollars of corporate-owned operational real estate remain on North American balance sheets. Institutional investors own only about 1% of that addressable market. The transaction also comes during a split market. US sale-leaseback volume totaled $3.4B during the 12 months ending in June, according to CBRE. That was down 59% from the prior period.

Broader net-lease investment moved the other way, rising 13.6% to $57B. Private buyers, institutions and equity funds increased allocations while REIT commitment softened. That divergence helps explain continued institutional net-lease demand despite weaker corporate monetization activity. Tenet gives CBRE IM a diversified tenant base, long lease duration and operating infrastructure for deploying capital as opportunities emerge. The platform can pursue assets across industries rather than depending on one tenant or property type.

What’s Next

CBRE IM has already said it will continue investing through Tenet, making future acquisitions the clearest next step. Corporate sellers and buyers have become more selective. The platform’s deployment pace will therefore depend on the flow of suitable net-lease opportunities. Other platform deals show that capital remains available.

BlackRock acquired ElmTree Funds’ build-to-suit platform, which had $7.3B in assets under management as of July 2025. Starwood Property Trust also agreed to buy Brookfield Asset Management’s Fundamental Income Properties for $2.2B. Those transactions set a competitive backdrop for Tenet’s next phase under CBRE IM.