Cruzan pays $69M for Rodeo Realty HQ in Beverly Hills
The deal is the San Diego-based firm's first purchase in LA
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.