Cruzan pays $69M for Rodeo Realty HQ in Beverly Hills

The deal is the San Diego-based firm's first purchase in LA

TRD LOS ANGELES /
Apr.April 26, 2018 04:00 PM
The office building at 9171 Wilshire Boulevard in Beverly Hills

Rodeo Realty has a new landlord.

The private equity firm Cruzan paid $69 million this month for the office building at 9171 Wilshire Boulevard in Beverly Hills, property records show. Rodeo, a residential brokerage, leases space for its corporate headquarters there.

Mesa West provided a $52 million acquisition loan on the five-story, 112,000-square-foot property.

The seller was the John Hancock Life Insurance Company.

The deal is San Diego-based Cruzan’s first venture into Los Angeles County, although its $240 million property portfolio includes Orange and San Diego, according to Real Capital Analytics.

The office sale is the second-highest in Beverly Hills this year, after CIM Group’s January purchase of the Union Bank of California Building (just up the street) for $132 million.

But not all office space is created equal. Cruzan paid about $560 per foot for the five-story building. The Union Bank building, constructed the same year in 1959, fetched more than $1,900 per foot.

Representatives for Cruzan, John Hancock and Rodeo Realty did not return calls for comment.


Related Articles

arrow_forward_ios
Four of the top residential listings in LA this week

Here are the priciest resi listings in LA County last week

Larry King and Shawn Southwick

Larry King is saying “so long” to Beverly Hills Flats mansion

The top five listings of the last seven days

Here are the priciest resi listings in LA County last week

Late Microsoft cofounder Paul G. Allen and the property (Credit: Redfin and Getty Images)

The late Paul Allen’s 120-acre plot of land in Beverly Hills gets a massive price chop. Sound familiar?

Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (credit: Getty Images and MVE Architects)

Michael Shvo and partners snag $190M construction loan for Beverly Hills condo project

Clockwise from top left: 1155 Angelo Drive, 1116 Laurel Way, 613 N. Sierra Drive, 32453 Pacific Coast Highway and 705 N. Arden Drive (Credit: Redfin)

Beverly Hills dominates list of top resi sales in LA County last week

Clockwise from top left: 12921 Marlboro Street, 22102 Pacific Coast Highway, 21536 Pacific Coast Highway, 820 N. Roxbury Drive and 334 S. Burlingame Avenue (Credit: Redfin)

Here are the priciest resi listings in LA County last week

2571 Wallingford Drive in Beverly HIlls (Credit: iStock)

Gala Asher’s Wallingford Estate in Beverly Hills just got a $25M price slash

arrow_forward_ios