Sloane Capital Pays $275M for Two Rodeo

BEVERLY HILLS, CA-Sloane Capital, a firm headed by Irish horseracing tycoons John Magnier and J.P. McManus, has acquired the 129,000-sf Two Rodeo retail center, home to Tiffany & Co. and other high-end retailers, for $275 million. The firm bought the property from Rodeo Owner Corp. in a deal in which the buyer was represented by Steve Algermissen and Andrew Harper from Cushman & Wakefield’s Southern California capital markets group, along with Ashley Marrison from Cushman & Wakefield’s London office.

The European-styled Two Rodeo property occupies one of the highest-profile intersections in Southern California, the corner of Rodeo Drive and Wilshire Boulevard. Besides Tiffany & Co., its tenants include Versace, Jimmy Choo, Rene Caovilla, Damiani, Cole Haan, Jose Eber and others.

Algermissen, a senior director based in Cushman & Wakefield’s Los Angeles Downtown office, calls the retail center “an extraordinary property located in one of the most desirable retail locations in the world.” The seller was represented by Strategic Real Estate Advisors of london and Falcon Real Estate of San Diego in the second recent instance of offshore firms investing in Beverly Hills commercial real estate.