San Francisco -- Jamestown said Wednesday it has acquired a real estate portfolio in downtown San Luis Obispo, Calif., comprised of 86% retail and 14% office space in open-air, multi-story settings.
The retail component, purchased from Copeland Properties, consists of seven assets, the most notable being Court Street Centre and Downtown Centre, and totals approximately 195,000 sq. ft. The portfolio also includes 28,000 sq. ft. of office space in three separate properties.
“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 Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’ Secret and Apple. Currently, there is 25,000 sq. ft. 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, D.C. Copeland will continue to be engaged in ongoing management of the properties.