714 Canal Street has been acquired by 714 Canal, LLC, a wholly-owned property holding entity of JECohen Realty SPV II, LLC (the “Fund”). The Fund is a special purpose investment fund sponsored by JECohen Realty Capital Management, LLC (“JECohen Realty”), the real estate investment platform of JECohen Holdings, LLC (“JECohen”).
714 Canal St., currently occupied by The Children’s Place, is attractively located in what some locals deem “center-court” of the 700 Block of Canal, which is the only block that fits within the “Canal Horseshoe” created by the Historic St. Charles Streetcar Line that runs along Carondelet St. and wraps around Canal St. onto St. Charles Ave. JECohen Realty believes the acquisition of this investment opportunity is ideal timing given the increase in development activity on Canal St. over the past two years. The investment group plans to enhance the property and return use to the upper floors by attracting a single national or global commercial tenant to occupy multiple floors.
Jarrett E. Cohen, Manager and Co-Founder of JECohen added, “At JECohen, we believe our real estate investment approach, which entails unwavering patience and an obsessive commitment to conducting extensive due diligence, should lead to favorable investment results for our investors. We are elated to have been able to acquire this beautiful historic property in such a blossoming area of the city. We are hopeful that our repositioning plans will aid in the revitalization of Canal Street as a destination for both locals and visitors alongside many other great projects currently in the works across the corridor.”
DDD President & CEO Kurt Weigle said, “Over the last few years, the rejuvenation of Canal Street has accelerated with the addition of national retailers, leading hotel brands, and luxury residential. Now building on that momentum is the redevelopment of the upper floors. Just in the last two years, Canal Street has added 19 rehab and new construction projects, several of which include upper floor use. We welcome and look forward to working with JECohen to continue that trend.”
Terms of the transaction are confidential. The Fund was represented by Paul Hastings, LLP, Phelps Dunbar, LLP, Steeg Law Firm, and Coldwell Banker Commercial TEC. Financing was provided by Liberty Bank & Trust Company.