Los Angeles mixed-use property to change hands
Runway Playa Vista, a mixed-use project in the Playa Vista submarket of Los Angeles, has been purchased by Invesco Real Estate for an estimated sales price of $475 million, according to Real Capital Analytics. The sellers are Lincoln Property Co., Phoenix Property and Paragon Commercial Group.
The Los Angeles property consists of 217,000 square feet of retail space, 33,000 square feet of office space and 420 residential units. The 14-acre Runway Playa Vista mixed-use development is one of the largest real estate transactions of the year so far.
The lifestyle center serves as a connection between the residential community and the Campus at Playa Vista, a key part of Silicon Beach and home to an array of technology-focused employers including Google, YouTube, Yahoo! and Facebook.
The retail area is anchored by a nine-screen Cinemark Cinema, Whole Foods and CVS Pharmacy, and has a wide variety of restaurants, bank branches and lifestyle stores, including