Hines Global Income Trust Buys Runway Playa Vista

Hines is adding to its collection in Los Angeles’ Westside.

Hines Global Income Trust bought the Runway mixed-use property in Playa Vista for $428 million, L.A. Business First reported. The seller was Invesco Real Estate, which last bought the development in 2016 for $475 million.

The retail, residential and medical property at 12775 Millennium Drive spans 630,000 square feet and was 94 percent leased at the time of the sale, per Business First.

The retail portion is spread across 246,000 square feet and is anchored by a Whole Foods, Other tenants include CVS Pharmacy, Chase Bank, Healthy Spot, Bike Attack, Sender One climbing gym and Cinemark movie theater. Plus a handful of food service tenants, including Starbucks. And medical service providers Cedars-Sinari urgent care and a Quest Diagnostics lab.

Runway’s residential component has 420 luxury units across 14 acres. Overall, the master-planned Playa Vista community boasts 6,000 residential units, 3 million square feet of commercial space and 300,000 square feet of retail.

Hines has been diversifying its portfolio in Greater Los Angeles in recent years.

Last October, Hines spent $91 million to buy a self-storage facility in Cerritos. The Extra Space Storage property spans 260,300 square feet and features 2,460 individual storage units. Capital 360 and Barings sold the property.

In 2022, Houston-based Hines made its big-screen debut — so to speak — in Los Angeles with the purchase of its first studio real estate property. The company reportedly dropped $45 million for a 30,000-square-foot studio space in Burbank from Worthe Real Estate Group.

The year prior, Hines bought a 145,000-square-foot medical office building in Torrance. The company spent $42.5 million for the property sold by Montana Avenue Capital Partners.

In the spring, the prolific office property manager won a key approval from the Los Angeles City council on its embattled 13-story office tower proposal in the Arts District. The 435,000-square-foot mixed-use property will take about three years to complete from groundbreaking.

— Chris Malone Méndez