The downtown buildings located at 131-133 Carondelet Street has been sold to an investment fund sponsored by the New Orleans Redevelopment Fund.
Although the terms of the transaction were not disclosed, the property was officially sold on December 29 and the fund was represented by Steeg Law Firm and Coldwell Banker Commercial TEC.
“This investment provided an attractive and unique opportunity for the Fund’s investors to gain direct exposure to New Orleans’ flourishing commercial real estate market,” shared JECohen Realty Capital Management, a sponsor of the Fund.
The Fund initially acquired the property in 2015. “Being that many of our investors are first-generation investors, the Fund provided exposure into the world of commercial real estate, which gives me as much satisfaction as the investment returns delivered to their portfolios.”