Lincoln Just Won Deal of the Year

Runway at Playa Vista has residential, office and retail. (Photo credit: rmsdigital.com)

LOS ANGELES—Lincoln Property Co. and Phoenix Property Co. and the joint venture’s capital partner Alcion Ventures have sold the Runway at Playa Vista to Invesco Real Estate. The purchase price for the massive mixed-use complex was not disclosed, however, industry sources are reporting the property traded hands for $475 million. This is likely to be one of if not the largest sale of the year.

“When you start a new endeavor like this one where you are unentitled when you buy it and there is a stigma around the entitlement, and one that you have to design, lease and deliver into uncertain economic conditions because you don’t know where you are going to be when you complete the development, there is a lot of risk,” David Binswanger, EVP of Lincoln Property Co., tells GlobeSt.com. “It is all calculated risk that you try to understand and you expect things to go well. You hope you put a good product into the market and that tenants like and you hope that you ultimately sell into a good market and there are investors out there that want to buy it. In this case, it all came together. It is really a great sense of relief and pride to have executed the project and to have it gone so well.