CBRE IM Buys Tenet Equity from Cerberus for $1.6B

CBRE Investment Management has acquired Tenet Equity from funds and accounts managed by Cerberus Capital Management for $1.6 billion, giving the global real assets manager an immediate foothold in the U.S. net-lease market.

The acquisition includes a fully leased portfolio of more than 200 properties totaling approximately 12 million square feet across 39 states. The properties serve more than 65 tenants across 26 industries.

CBRE Investment Management made the investment on behalf of several strategies and plans to use Tenet as the foundation of a dedicated net-lease platform. The firm managed more than $155 billion in global real assets as of mid-2026.

Cerberus established Scottsdale, Arizona-based Tenet in 2021 with executives Nicholas Eggert and Andrew Gallagher. The company provides sale-leaseback and net-lease financing to middle-market companies and private equity sponsors.

“We are proud to have established Tenet as a reliable source of triple net lease financing for growing middle-market companies across the U.S.,” said Tom Wagner, Cerberus’ head of North American real estate.

Cerberus manages approximately $72 billion across credit, real estate and private equity strategies.

Evercore advised Cerberus, while Kirkland & Ellis served as legal counsel.