Atlanta-based firm Jamestown has acquired a prime parcel of downtown San Luis Obispo from Copeland Properties in a deal valued at more than $100 million.
Jamestown, which invests in commercial real estate around the country, purchased the 10-building retail and office property from Copeland Enterprises in exchange for the assumption of about $50 million in debt and a $50.5 million stake in one of the Atlanta firm’s property funds, according to a statement.
Copeland Properties, one of the largest landlords in SLO and owned by brothers Jim and Tom Copeland, referred requests for comment to Jamestown, which did not respond to Business Times questions as of press time.
Copeland Properties will continue to manage the SLO buildings, according to statement from Jamestown.
The retail portion of the portfolio totals about 195,000 square feet and most notably includes Court Street Centre and Downtown Centre, two of the most prominent shopping properties in downtown San Luis Obispo. Current tenants include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, The Gap, Banana Republic, Victoria’ Secret and Apple. About 25,000 square feet of space is vacant. The portfolio also includes about 28,000 square feet of office space across three buildings bounded by Chorro, Osos, Monterey and Marsh streets.
“This acquisition is part of Jamestown’s strategy to acquire street-level retail in vibrant markets with a strong sense of community,” Jamestown Chief Operating Officer Michael Phillips said in a statement. “Downtown San Luis Obispo is a pedestrian-friendly, desirable shopping and recreational destination with a unique small-town feel.”
Jamestown acquired the properties from Copeland in exchange for a $50.5 million stake in its Premier Property Fund, which includes New York’s Chelsea Market, 22 Fourth in San Francisco and 733 10th Street in Washington, DC. Jamestown owns three other assets in California: Alameda South Shore Center, a 594,000-square-foot shopping center in Alameda; a mixed-use property consisting of two buildings at 22 Fourth St. and 801 Market in downtown San Francisco; and the neighboring 799 Market St. property, a 142,000-square-foot retail and office building.