Copelands trade San Luis Obispo properties to Atlanta firm

April 18, 2013

copelandAn Atlanta based company has purchased $100.5 million in commercial property in San Luis Obispo from the Copeland brothers in exchange for assuming $50 million in debt and for $50.5 million in ownership of Jamestown properties.

Copeland properties, owned by Jim and Tom Copeland, will continue to manage the San Luis Obispo properties which include Court Street Centre and the Downtown Centre. Tenants include Barnes & Noble, Pottery Barn, The Apple Store, Banana Republic and Victoria Secrets.

In exchange for the sale the Copelands were given a stake in Jamestown’s Premiere Property Fund which includes real estate in New York, San Francisco and Washington DC.

In 2010, the California Fair Political Practices Commission levied $80,000 in fines against Tom and Jim Copeland, and banker David Booker for committing 16 campaign violations in their secretive battle against Dalidio’s project, proposed for south of the Madonna Plaza shopping center.

The Copelands, along with their limited liability companies, San Luis Obispo Court Street and San Luis Obispo Downtown Centre, contributed $87,500 with $58,000 of that in loans. Only $20,000 was paid back while $38,000 was forgiven.

 


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10 Comments

  1. r0y says:

    What does Jane and Joe ‘Merican have to do to get their loans “forgiven?” Pray to the all-fair bank gods?

    (1) 1 Total Votes - 1 up - 0 down
  2. rogerfreberg says:

    I have to admit… a very smart move.

    (2) 2 Total Votes - 2 up - 0 down
    • mkaney says:

      Smart for them… if financial success is how we quantify wisdom.

      (0) 0 Total Votes - 0 up - 0 down
  3. Jorge Estrada says:

    I guess SLO will be havin Georgia on our mind. Maybe we will get a Buckhead West or change Peach to Peachtree. Whatever, SLO will no longer be dealing with incestual lawyers. Real law and Green economics brought to you by the homeboys.

    (6) 6 Total Votes - 6 up - 0 down
  4. HarryMalone says:

    And let’s NOT EVER forget Jan Marx’s, the Mayor of San Luis Obispo, role in the secretive effort against the Dalidio project.

    http://calcoastnews.com/2011/01/slo-mayor-admits-her-role-in-anti-dalidio-development-campaign/

    (19) 19 Total Votes - 19 up - 0 down
    • r0y says:

      You beat me to it, Harry!

      Ah, good ‘ol two-face Marx… such trust… such high esteem…. such intelligence. Holy cow, I’m betting that those who voted for her probably never had a conversation with her. (or worse, are at the same level as she is).

      So the Copelands get fined and Marx gets elected. Sweet $Y$TEM of JU$TICE we have!

      (13) 13 Total Votes - 13 up - 0 down
      • SLOBIRD says:

        Well, she is an attorney and we all know how they twist and turn things and get to escape the evil doings. Just ask Jon Seitz, he also has lots of experience in this evil pool.

        (4) 4 Total Votes - 4 up - 0 down
  5. Russ J says:

    I’m not feelen that hometown feel anymore. Not a bad deal for them, walking away from the headaches of political appeasement and a 50 mil stake in a national company. I’m sure the big dog owners will lubricate the local machine with ease. I think mom would be proud.

    (17) 17 Total Votes - 17 up - 0 down
    • r0y says:

      Yes, even MORE rent increases to drive out most anything even remotely interesting.

      It all comes down to real estate. Have to make a lot of money to pay our mortgages and rents, and it only seems to go up. It’s totally sustainable, trust me.

      (9) 9 Total Votes - 9 up - 0 down
    • SLOBIRD says:

      For sure. Thelma would be proud. She was a classy lady! Who ever thought that a little local shoe store would make them this successful and multimillionaires.

      (5) 5 Total Votes - 5 up - 0 down

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