Hines Buys Mixed-Use District for $428M in One of L.A.’s Priciest Deals in 2025
The ubiquitous investment and development firm acquired the property at a discount compared to the $475 million that Invesco paid for it in 2016
By Nick Trombola September 29, 2025 1:55 pm
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Real estate giant Hines has acquired a Southern California mixed-use district in one of the region’s priciest property deals so far this year.
Hines Global Income Trust (HGIT) — the Houston-based firm’s real estate investment trust — has paid Invesco Real Estate $428.1 million for Runway Playa Vista, a 14-acre residential and retail district in Los Angeles’ Playa Vista neighborhood. Runway features 420 luxury residences, alongside a Whole Foods-anchored, 246,000-square-foot retail component. The property, at 12775 West Millennium, is currently 94 percent leased.
Despite its status as one of the largest real estate trades across Southern California this year, the deal is ultimately a bargain for Hines. Invesco acquired the property after it was developed in 2016 for $475 million from a Lincoln Property Company-led joint venture.
Bloomberg first reported news of the latest sale. The deal closed at roughly the same time as Hines’ $137.5 million purchase of Montrose Collective, a 189,000-square-foot, mixed-use district in Houston.
“These acquisitions reflect our conviction in the long-term strength of the living and retail sectors. … Runway and Montrose Collective represent cornerstone investments for HGIT, each distinguished by exceptional occupancy and strategic locations in two dynamic submarkets,” Alfonso Munk, Hines’ co-head of investment management, said in a statement.
JLL’s Blake Rogers represented Invesco in the deal, while Hines was represented in-house by Brett Norton, Eric Hepfer and Tom Lawless. A representative for Invesco did not immediately respond to a request for comment.
Although it conducts business in all 50 states, Hines has recently made headlines for its activity on the opposite side of the country from Southern California. The firm in June paid $55 million for an 80-acre lot near Manassas, Va., where it plans to develop a master-planned community featuring 320 homes. News of that deal came just a few weeks after Hines was picked by the Washington Metropolitan Transit Authority as the master developer of a 14-acre, mixed-use project in North Bethesda, Md.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
