Crescent Communities announced Tuesday that it will let a Florida-based firm handle its commercial real estate services business so it can focus more heavily on developing new projects.
In a joint news release, Crescent and CNL Commercial Real Estate of Orlando, Fla., announced a new partnership in which CNL will take responsibility for managing Charlotte-based Crescent’s current commercial properties.
The new alliance, to be called CNL Crescent Commercial Real Estate, will add 1.5 million square feet of office, industrial and retail assignments across the Southeast to CNL’s portfolio.
Crescent CEO Todd Mansfield said the new partnership frees his company to pursue more development deals.
“This strategic alliance will provide us with the opportunity to dedicate our commercial team’s resources to our next wave of commercial redevelopment, while entrusting a proven partner and industry leader with the asset management of our current commercial clients and our talented staff who manage those properties,” he said.
CNL leases and manages more than 15 million square feet of commercial space.
Crescent, once the real estate development arm of Duke Energy, has a portfolio that includes 21 master-planned communities and 16 multifamily projects.
In March, it unveiled plans for two mixed-use projects on Stonewall Street in uptown Charlotte; one, at Stonewall and South Tryon Street, includes plans for a 27-story office tower.
Crescent officials haven’t announced a start date for construction, but said they feel demand for such properties is rising.
Crescent is building an 80-acre mixed use project in an Orlando suburb that includes a corporate headquarters, retail space and plans for multifamily units as well.