HUNTINGTON BEACH, CA-Lincoln Property Co. plans a rebranding of the 428,806-square-foot Bella Terra office and retail complex, which it bought for $76 million in partnership with GEM Realty Capital Inc. in one of the largest receivership sales to close in recent months. Lincoln plans to rebrand and reposition the property over the next several months and to complete the lease-up of the remaining office space, according to an announcement by the Dallas-based firm.

Lincoln notes that it bought the asset at a 45% discount to the previous owner’s purchase price four years ago, and a 28% discount to the previous loan balance. The Towers at Bella Terra consist of two, six-story office buildings totaling 189,609 square feet and a 12-story office tower with 193,713 square feet of space. The property also includes two separate retail pads, built in 2003 and 2007, that now house Buca Di Beppo and a 36,000 square-foot 24 Hour Fitness. Located on approximately nine acres fronting the 405 freeway on Beach Boulevard, the buildings are within walking distance of more than 70 shops, cafes and restaurants at the nearby Bella Terra retail center.

“We see significant opportunity in the West Orange County submarket, and are pleased to be able to step in and maximize the potential of the Towers at Bella Terra, which are already capturing the interest of the brokerage and tenant community,” said Kevin Hayes, an SVP at Lincoln, in the company's announcement. He says the company’s rebranding plan will include a series of improvements to the lobby and common areas, along with landscaping upgrades. “We are encouraged by the fact that only days after closing on the deal, we are already in active negotiations with several firms for more than 250,000 square feet of space,” Hayes said.