Copelands trade San Luis Obispo properties to Atlanta firm
April 18, 2013
An 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.