MIAMI—In a move that aims to let each company maximize growth opportunities, CNL Commercial Real Estate is partnering with Crescent Communities. The alliance is dubbed CNL Crescent Commercial Real Estate.

Here's how the relationship works: CNL will assume responsibility for Crescent's commercial services business. Crescent will focus on its core strategy of site selection, design, and construction for a portfolio of mixed- and multi-use commercial projects.

Both companies expect clear benefits. The relationship, for example, will deepen CNL's current services capabilities and broaden its geographic presence, adding 1.5 million square feet of office, industrial, and retail assignments in Orlando, Charlotte, Nashville, and Atlanta. Once finalized, CNL expects the alliance to build on its expansion across the Southeast under the leadership of recently hired president of real estate services Ken Loeber.