Two Rodeo Drive, a high-end shopping plaza in Beverly Hills, has been sold for $275 million, or $2,132 per square foot.
The multi-tenant property at the northeast corner of Rodeo Drive and Wilshire Boulevard was purchased by Sloan Capital, a real estate investment company headed by Irish racehorse owners John Magnier and J.P. McManus, and Irish real estate investor Aidan Brooks of Brooks Properties, according to the Sunday Business Post, a business newspaper based in Dublin.
The seller was Rodeo Owner Corp., an entity of an unnamed European family trust, said Scott Sweeney of Falcon Real Estate, who represented the seller. The deal closed August 29. The buyers also own the building across the street on Rodeo Drive. That property, known as One Rodeo Drive, houses a Bulgari store.
While the deal does not represent a price-per-square-foot record for Beverly Hills, it is on the high side for the market and comes after the ownership completed some minor improvements that raised occupancy levels. "We felt it was a good time to sell into a strong investment market," Sweeney said.
The family trust had purchased the property in 2000 from Japanese institutional investors.
Tenants at the 129,000-square-foot center include Tiffany & Co., Versace and Jimmy Choo, among others. The property, which was built in 1990, includes a European-style cobblestone street called Via Rodeo that cuts through the retail district.
"It is one of the landmark retail centers on Rodeo Drive," said Steve Algermissen of Cushman & Wakefield Inc., who represented the buyers. "It has numerous prestigious tenants and it is a high identity location. It anchors the south end of Rodeo Drive. From that standpoint it is a landmark retail asset. "
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