ORLANDO—CNL Commercial Real Estate is acquiring the property management services business of Faison Enterprise. Faison is located in Charlotte, giving CNL an even stronger foothold in the market.

Faison's services business oversees the management and leasing of nearly 7 million square feet throughout the Southeast. Faison will become a CNL customer.

“This marks another partnership for us with a tremendous brand in the commercial real estate world and is an affirmation of the type of company we continue to build, one that is attractive to the top talent and customers in our space,” Paul Ellis, group president of CNL Commercial Real Estate, tells GlobeSt.com. The acquisition adds 39 associates to the CNL family.

H. Thomas Webb III, CEO of Faison, tells GlobeSt.com he believes CNL is a “great cultural fit” for its property management employees. He expects the combination to drive growth opportunities.

“In the last three years, our focus has been on direct and co-investments in Faison's core Southeast markets, closing 10 investments with a gross value of $150 million,” Webb says. “In addition, as a fee developer for an institutional client, we have developed eight multifamily projects in the Southeast. This transaction will allow Faison to put even more focus on its investment activities and development of multifamily housing.”

The Fasion brand is well known in Charlotte, serving the area for over 50 years. Ken Loeber, CNL's president of services calls the acquisition “consistent with our strategic growth plan” and tells GlobeSt.com it “adds valuable assignments in many of our target markets.”

The acquisition of Faison marks CNL's second significant expansion in recent months. In June, CNL took over the services business of Charlotte-based Crescent Communities, adding six new customers, over 10 professionals and 1.5 million square feet of management and leasing assignments to its portfolio. CNL first entered Charlotte in 2011, when Crossland's services team joined the fold.

With the addition of the Faison team, the Charlotte office will now have 50 employees and manage twelve million square feet of retail and office space. When the Faison deal closes, CNL will have over 160 associates in nine offices and lease over 20 million square feet of retail, office and industrial space.