Orion, Secure Properties Launch $200M Bonus-Depreciation Net Lease Fund
Orion Real Estate Group and Secure Properties have launched Orion Pro Fund 2026, LP, a $200 million private real estate fund offering accredited investors access to income-producing net lease assets with components eligible for 100% bonus depreciation under the One Big Beautiful Bill Act.
The equity target could support more than $500 million in eligible net lease acquisitions, the sponsors said. The fund will be distributed directly, though the sponsors said they reserve the right to use broker-dealer and registered investment adviser channels in the future. SURMOUNT, a net-lease-focused commercial real estate platform, is serving as the fund’s affiliate and adviser. The sponsors said they have identified an initial portfolio of eligible properties and expect to close on additional acquisitions from their pipeline throughout the year.
The strategy centers on single-tenant net lease properties in the automotive services and convenience retail sectors, including car washes, gas stations, and oil change locations. Orion and Secure Properties said they have acquired more than 100 car wash locations and 70 convenience stores over the past three years, and that the resulting network gives them access to off-market sourcing and specialized underwriting in those asset types.
“We’ve built Orion on the principle that active management can unlock substantial value, and our track record is the result of decades of relationships across the net lease sector that have allowed us to source opportunities that others simply don’t see,” said Kevin Sanz, president of Orion Real Estate Group. “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 – a value proposition that is difficult to come by.”
“Through multiple market cycles, Secure Properties has remained focused on acquiring and managing high-quality net lease real estate that delivers durable income and long-term value,” added Brian Mansouri, managing principal of Secure Properties. “Our integrated platform and longstanding industry relationships provide access to opportunities that align well with the fund’s investment objectives and position us to execute effectively on behalf of investors.”
The sponsors said they have collectively acquired more than $1 billion through similar vintage funds and executed more than $3 billion in comparable transactions since 2018, spanning sale-leasebacks, portfolio acquisitions, and single-tenant net lease deals in the United States and Canada. SURMOUNT said it has advised on more than $6 billion in bonus-depreciation-eligible assets sold in the automotive services sector, which it said represented more than 70% of total car wash transaction market share, by both volume and property count, in 2025.
“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,” said Glen Kunofsky, chief executive officer and founder of SURMOUNT. “We believe this fund is exactly the kind of vehicle built to take advantage of this restored benefit for investors.”
Visit the AltsWire directory page.
