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.

In the other recent deal, reported on, a joint venture of Ireland’s Dublin-based First Equity Group and locally based HDS Group bought two sites where the JV is planning $300 million of mixed-use condominium and retail development. The properties, which include some of the last remaining undeveloped sites in Downtown Beverly Hills, are at 9200 Wilshire Blvd. and 450-460 N. Palm Dr.

Those deals follow another transaction earlier this year in which British firm Grosvenor acquired the La Colonnade office and retail building in the Beverly Hills Triangle for one of the highest prices per sf paid for a Los Angeles area mixed-use office and retail property at that time, estimated at between $800 and $1,200 per sf. The 27,000-sf La Colonnade, at the southeast corner of Santa Monica Boulevard and Camden Drive, occupies one of the highest-visibility parcels in the area, near Rodeo Drive.

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