ORLANDO—CNL Commercial Real Estate has hired Pryse Elam, a 25-year commercial real estate industry veteran. Elam joins the firm as managing director to lead the company’s development and investment platform. He will also manage CNL’s new South Florida office.
“We are delighted to welcome Pryse to the CNL Commercial Real Estate team in this new role,” says Paul Ellis, president of CNL. “His deep background in acquisitions and development and his reputation throughout the Southeast will help our company expand its development and investment platform and take advantage of the opportunities the improving commercial real estate market is creating.”
CNL has created a new development and investment arm, with plans to invest $300 million in new acquisitions and development projects across the Southeast and Texas over the next 18 months. CNL is targeting primarily office, industrial and retail.
The $300 million in new investments will be in addition to the more than $50 million of real estate projects CNL is currently developing across the Southeast, and the more than $100 million of development projects the company controls on which it has yet to break ground. Elam will lead these efforts.
Elam most recently served as New Boston‘s regional director for the Southeast. While overseeing all of New Boston’s real estate activity in the region, Elam led the company in acquiring more than $200 million in assets during a three-year period.
Prior to New Boston, Elam worked at Trammell Crow Company, directing its South Florida operations, including managing and leasing more than 15 million square feet of space and developing $250 million worth of office, industrial, and retail space. Elam has been directly involved in the development and acquisition of more than $1 billion of commercial and multifamily projects along the East Coast during his career.
“CNL Commercial Real Estate has been able to quickly establish itself as a leading firm in the markets where it is located, and I am excited to be joining the company to lead both its development efforts and South Florida operations,” says Elam. “The commercial real estate market is beginning to rebound and I look forward to helping CNL Commercial Real Estate identify and take advantage of the acquisition and development opportunities that will bring.”