Former Howard Hughes' Aerospace Site Sold to Real Estate Group

A 14-acre mixed-use property in Playa Vista that includes a large apartment complex, nine-screen Cinemark Cinema, Whole Foods market and other retail shops and office space, has been sold to Invesco Real Estate, it was announced today.

The property on the former site of Howard Hughes’ aerospace company runway was sold by Lincoln Property Co. and its partners, which did not reveal the terms. The Los Angeles Times, however, reported the sales price was $475 million.

The property, which includes the 420-unit Runway apartment complex and 33,000 square feet of office space, neighbors the Campus at Playa Vista, also developed by Lincoln Property Co., that houses the headquarters of large-format film company IMAX.

--City News Service, photo via Shutterstock