ORLANDO—CommerCenters is a small-town firm known for developing flex warehouse distribution centers in Central Florida. Now, the company is making a move to focus on private equity funds and investments that target commercial real estate assets and associated service companies.

CommerCenters has developed more than 1.5 million square feet of industrial space in six Central Florida locations. But George Livingston, a principal of CommerCenters and chairman of NAI Realvest Development in Maitland, is working to diversity its investment portfolio across several property types with multiple developers and investor partners.

In what marks a significant departure from its core strategy, CommerCenters funds will invest in multifamily properties driven by work force and population growth, senior housing and assisted living facilities, and new medical facilities, especially those that are age-related.

“The US economy and its commercial real estate market is in the early stage of recovery from a deep and long recession,” Livingston, who served many years as an area real estate investment analyst, said in a statement. Livingston said CommerCenters has evolved into an international capital market company that offers expertise in commercial real estate development, asset management and long-term growth.

“The financial markets still suffer from a shortage of capital, yet opportunities for development and investment can be identified and exploited,” Livingston said. “With a dependable source of equity capital, investors can react to opportunities quickly, and that’s where CommerCenters will focus. We anticipate returns in the 15 to 20 percent range over a period of seven years.”