A San Francisco-based Orrick Real Estate Team recently closed a complex transaction on behalf of Copeland Properties LLC that involved the contribution of a major portion of Copeland’s California retail property portfolio to an Atlanta-based private Real Estate Investment Trust (“REIT”) sponsored by Jamestown Properties.
The $100 million transaction used a complicated Umbrella Partnership REIT transaction structure which allowed Copeland to contribute its ownership in the retail portfolio into a $50+ million equity stake in Jamestown Premier Property Fund, a Jamestown REIT. The REIT also assumed about $50 million in debt secured by the properties.
Copeland Properties, which are located in downtown San Luis Obispo, California and consist of office space and 195,000 square feet of retail space, will manage all of the properties acquired by Jamestown.
“This innovative partnership enables our client to keep a stake in the properties and community they have helped develop,” said Bill Murray, Chair of Orrick’s Global Real Estate Group. “At the same time, the Copelands have expanded their portfolio by acquiring shares in Jamestown’s diverse fund with assets in major metropolitan areas.”
The Orrick team was led by Bill Murray and included tax partner
Grady Bolding and real estate associates Jack Machalow, Dustin Calkins and Ari Grey.