For some reason the geolocation field does not show up as a field that can be imported. It requires an additional field importer to make the geo latitude and longitude fields become available.
The additional importer comes from #5 in this post
http://drupal.org/node/1294604
Simply place the file in the feeds/mappers/ directory.
An important lesson learned here: If the geo fields are mapped on an importer, the import will fail if the geo fields have no data or are empty.