Hines Global to Sell Los Angeles Campus for Hefty Profit
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, plans to sell the Campus at Playa Vista, a four-building Class A office complex in Los Angeles, California, for approximately $335 million.
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, plans to sell the Campus at Playa Vista, a four-building Class A office complex in Los Angeles, California, for approximately $335 million. The transaction is expected to close by next month.
Completed in 2009, the Campus at Playa Vista sits on seven acres in the 1,000-acre Playa Vista master-planned community. The buildings total of 325,00 square feet and include a two-level 944-space parking garage. Hines Global REIT originally purchased the property in May 2013 for approximately $218 million.
Hines Global REIT closed its offering in April 2014 after raising $2.7 billion in investor equity. The company oversees a $3.4 billion portfolio of 33 assets located in the U.S. and abroad as of the second quarter of 2018, according to Summit Investment Research. In July 2018, Hines Global REIT shareholders approved the company’s plan of liquidation.
