The 14-acre retail and entertainment complex that took flight last year on what was once aviation mogul Howard Hughes’ private runway has changed hands in a deal that suggests the sky’s the limit for Playa Vista real estate values.
Runway at Playa Vista, the commercial keystone linking the planned community’s creative office campus and housing components, sold last week for about $475 million, sources close to the deal told the Los Angeles Times.
Runway’s 217,000 square feet of retail space includes a Whole Foods, Cinemark movie theater and nearly a dozen restaurants—
a mix soon to include Abbot Kinney Boulevard transplant Hal’s Bar & Grill.
The complex also includes 420 apartment homes above first-floor retail and in two adjacent buildings, and Cedars-Sinai Medical Center is building an outpatient facility in 33,000 square feet of office space.
Owners Lincoln Property Co., Phoenix Property Co. and capital partner Alcion Ventures sold Runway to Invesco Real Estate.
“Playa Vista had been an idea for decades, and the completion of Runway demonstrates that the Playa Vista community concept was smart, visionary and achievable. Lincoln is proud to have played a meaningful role,” Lincoln Property Co. Senior Executive Vice President David Binswanger said in a joint statement issued by the companies on Feb. 10.
— Joe Piasecki