SAN LUIS OBISPO, CA—Jamestown has purchased a retail and office portfolio in San Luis Obispo, Calif. The deal includes 195,000 sq. ft. of retail space and 28,000 sq. ft. of office space in three properties. Jamestown purchased the portfolio in exchange for a $50.5 million investment in Premier Property Fund.

“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, in a statement. “Downtown San Luis Obispo is a pedestrian friendly, desirable shopping and recreational destination with a unique small-town feel.” 

The retail component includes Court Street Centre and Downtown Centre. The properties boast retails clients like Barnes & Noble, Pottery Barn, Express, Gap and Apple. Of the 195,000 sq. ft., only 25,000 sq. ft. remains vacant in the portfolio. 

Seller Copeland Properties will continue to manage the portfolio.

Atlanta-based Jamestown owns three other California properties all in the San Francisco Bay Area.