Orlando-Based CNL In Buying Mode

Orlando-based CNL Commercial Real Estate is moving ahead with a plan to make $300 million in acquisitions over the next 18 months.

In April, CNL closed on the first acquisition for its CCRE Sponsor Equity Fund I — a $45 million purchase of the Sawgrass Lake Center office complex in Fort Lauderdale. The company is now working on a possible new deal in Dallas — a large, vacant commercial building.

Last week, CNL said it hired David Willett of Boston as director of acquisitions for the buying fund. Willett formerly worked for New Boston Fund, a real estate investment management firm.

“The goal is to invest in markets where we have an office and presumably have local expertise on the ground,” said Pryse Elam, president of developments and investment for CNL.

Elam said the Fort Lauderdale purchase is a good example of what CNL is seeking: viable commercial buildings that suffered a loss of tenants during the recession. Willett and Elam are now based in Boca Raton.

 

Source:  SunSentinel