The investor buys the 39,000-square-foot Westport Plaza & Square in Costa Mesa for $18.9 million.

The new structure for the investment management platform will strengthens Hines' ability to develop, acquire and operate real estate assets globally in partnership with institutional and retail investors.

The mixed-use project comprised of residential, office and retail will be constructed on one of the last remaining undeveloped corner tracts in the Katy Freeway corridor between 610 and Beltway 8.

The class-A office building currently serves as the corporate headquarters for CoStar Group Inc.