Orion, Secure Properties Launch $200M Net Lease Fund
Orion Real Estate Group and Secure Properties have launched a fund seeking to raise up to $200 million from accredited investors for acquisitions of income-producing net lease properties.
Orion Pro Fund 2026 LP is expected to support more than $500 million in investments containing components eligible for 100% bonus depreciation under the One Big Beautiful Bill Act. The strategy seeks to combine near-term tax advantages with recurring cash flow from single-tenant properties.
Orion, Secure Properties and fund adviser SURMOUNT have identified an initial portfolio opportunity and expect to expand the fund through additional acquisitions during the year.
The sponsors will focus partly on automotive services and convenience retail properties, including car washes, gas stations and oil-change facilities. Their industry relationships provide off-market sourcing opportunities and experience with the operational, financing and tax considerations associated with those assets.
The firms have acquired more than 100 car wash locations and 70 qualifying convenience stores during the past three years.
“With this fund, we’re able to provide accredited investors with access to passive investments that combine the stable income-producing benefits of high-quality real estate assets with the tax benefits of bonus depreciation,” Orion President Kevin Sanz said.
The fund’s sponsors have acquired more than $1 billion of assets through similar vintage funds and completed more than $3 billion in related transactions since 2018. Their experience includes sale-leasebacks, portfolio acquisitions and single-tenant net lease investments across the U.S. and Canada.
SURMOUNT has advised on the sale of more than $6 billion in bonus depreciation-eligible automotive service assets. The firm said it represented more than 70% of the car wash transaction market in 2025 based on sales volume and property count.
“The restoration of 100% bonus depreciation created a compelling window for investors to capture significant tax benefits while building positions in durable, income-producing real estate,” SURMOUNT CEO and founder Glen Kunofsky said.
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