CNL Real Estate & Development, an arm of Orlando-based CNL Financial Group, has bought more than 500 acres in Tallahassee

CNL Real Estate & Development, an arm of Orlando-based CNL Financial Group, has bought more than 500 acres in Tallahassee to develop a mixed-use master planned community.Seven miles from downtown Tallahassee, the property is one of only a few remaining undeveloped tracts in the Tallahassee Urban Services Area, said Timothy E. Edmond, CNL Real Estate & Development president.Edmond is familiar with the Tallahassee market, having lived there for several years and having developed several communities there before joining CNL."As the seat of state government and home to two growing universities and a large community college, Tallahassee is experiencing increased demand for new homes and traditional neighborhoods," he said.Terms of the acquisition weren't announced. The seller was Powerhouse Inc., a family-run company representing the Mettler family.John W. Mettler III, Powerhouse chief executive, said the family exercised care in selecting a buyer for the property."Tim shares the family's views on the importance of creating a true community," Mettler said.The property purchase is expected to close this year. No development timetable was announced.Locally, CNL Real Estate & Development recently completed construction of CNL Center II, an office tower adjacent to Orlando City Hall in Orlando. It's also developing the 2,600-home Moss Park community in southeast Orange County.CNL Financial Group is one of the nation's largest privately held real estate investment and development companies, with $13 billion in assets under management.