Laura Hines-Pierce And Jeffrey C. Hines Acquire Mixed-Use Property In Playa Vista For $428M

The property asset involved in the transaction is a mixed-use development located at 12760 Millennium Drive in Playa Vista. The sale price for this asset was $428,000,000, encompassing 420 units, which results in a price per unit of $1,019,048. This property includes a Whole Foods market within its premises.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $428,000,000
• Units: 420
• Price per unit: $1,019,048
• Buyer: Laura Hines-Pierce & Jeffrey C. Hines - Hines
• Seller: R. Scott Dennis - Invesco Real Estate
• Broker: JLL

In this transaction, Hines acquired The Runway from Invesco Real Estate, which had previously purchased the property for $475 million in 2016. The deal was brokered by JLL, with Hines noting a 20–25% discount to replacement cost and plans for enhancing property value through increased rents and improvements.