SAN LUIS OBISPO, CA—Leading national real estate investment and management firm Jamestown has acquired a prominent real estate portfolio, comprised of approximately 86 percent retail and 14 percent office, in downtown San Luis Obispo.

The retail component consists of seven assets, the most notable being Court Street Centre and Downtown Centre, and totals approximately 195,000 square feet. The portfolio also includes approximately 28,000 square feet of office space in three separate properties. The assets are located in the downtown core bounded by Chorro, Osos, Monterey and Marsh streets. Copeland Properties is the contributor of the portfolio.

“This acquisition is part of Jamestown's strategy to acquire street-level retail in vibrant markets with a strong sense of community,” said Jamestown COO Michael Phillips. “Downtown San Luis Obispo is a pedestrian friendly, desirable shopping and recreational destination with a unique small-town feel.” 

The portfolio is occupied by such notable retail tenants as Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria' Secret and Apple.  Currently, there is 25,000 square feet of space available for lease. 

Jamestown acquired the properties in exchange for a $50.5 million investment in its Premier Property Fund, which includes New York's Chelsea Market, 22 Fourth in San Francisco and 733 10th Street in Washington, DC.  Copeland will continue to be engaged in ongoing management of the properties..  Fandel Retail represented Copeland Properties in the transaction.

Located on California's scenic Central Coast, roughly half way between San Francisco and Los Angeles, San Luis Obispo has consistently ranked among the best places to live by news and business organizations.

Jamestown currently owns three other assets in California, all in the San Francisco Bay Area.