A Florida-based commercial real estate firm has acquired the property management unit of Charlotte-based Faison Enterprises.
CNL Commercial Real Estate said the acquisition adds 39 employees and a Faison unit that oversees the leasing and management of nearly 7 million square feet of property throughout the Southeast.
“We are simply honored to be trusted by the Faison team and its customers with this opportunity and we are excited to welcome new, talented associates,” said Paul Ellis, group president of CNL.
Faison CEO H. Thomas Webb said the deal allows his company to focus more tightly on its investment activities and the development of multifamily housing.
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“We believe CNL is a great cultural fit for our property management employees,” he said.
Faison, through its real estate holdings, will become a customer of CNL. Upon the closing of the deal, Orlando-based CNL will have more than 160 associates and nine offices.
CNL entered the Charlotte market in 2011 by absorbing a Crosland real estate unit. In June, it took over Crescent Communities’ services business. By adding the Faison group, CNL’s Charlotte office will have 50 employees managing 12 million square feet of retail, office and industrial space.