Orion, Secure Properties launch $200M net-lease fund tied to tax break
What's the deal? Orion Real Estate GroupDealroom has a profile for this one. Try Dealroom → and Secure PropertiesDealroom has a profile for this one. Try Dealroom → have launched Orion Pro Fund 2026, LP, a real estate vehicle targeting up to $200 million in equity to fund more than $500 million in net-lease investments. The fund gives accredited investors access to income-producing single-tenant assets with components eligible for 100% bonus depreciation.
Why now? The strategy hinges on the One Big Beautiful Bill Act, which restored 100% bonus depreciation. "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 fund advisor SURMOUNT.
What's the endgame? The fund pairs near-term tax advantages with steady cash flow from net-lease property. Its focus sits in automotive services and convenience retail — car washes, gas stations, and oil change sites.
The playbook: The sponsors have acquired more than 100 car wash locations and 70 eligible convenience stores over the past three years, using off-market sourcing channels. They have identified an initial portfolio, with more eligible properties set to close through the year.
The track record runs deep. The sponsors have acquired more than $1 billion through similar vintage funds and executed over $3 billion in comparable transactions since 2018 across the US and Canada. SURMOUNT has advised on more than $6 billion in bonus depreciation-eligible automotive assets, which it says represented over 70% of car wash transactions in 2025.
What could go wrong? The pitch leans heavily on a single tax provision. Any change to bonus depreciation rules would remove a core part of the fund's value proposition.
The signal: The fund shows how quickly capital moves to exploit new tax legislation. By tying a specialized property niche to a restored federal benefit, Orion and Secure are betting that policy timing can be as marketable as yield.
Image credit: Generated with Gemini
Read more: Business Wire (via StreetInsider)
