San Diego, Calif. – Trigild – a San Diego-based receivership, disposition and loan recovery specialist – has closed the $76 million sale of The Towers at Bella Terra, a 428,806-square-foot office and retail complex in Huntington Beach, Calif. The property was sold to Lincoln Property Company in partnership with GEM Realty Capital, Inc.
Working with broker Eastdil Secured, Trigild facilitated the sale as receiver and was granted approval to do so by the Superior Court for the State of California, County of Orange. After The Towers at Bella Terra defaulted on its loan, Trigild was appointed receiver in May of 2010.
Comprised of one 12-story and two six-story towers, the Class A property has 382,808-square-feet of commercial office and two retail pads totaling 45,998-square-feet. Office suites accommodate businesses of all scopes and sizes and range from 1,132 to 36,000 square feet. The building was developed in 1984, and was 65.4 percent leased at the time of sale, with tenants including BJ’s Restaurant, 24 Hour Fitness and Health Net. The complex is adjacent to the Interstate 405 and is part of the larger 70-acre Bella Terra mixed-use urban district, a community hub developed by DJM Capital Partners.
According to Trigild president Bill Hoffman, the acquisition represented a compelling opportunity to purchase Class A office space in a prime Orange County coastal location and also offers further evidence of the growing trend of properties selling in receivership. "Receivers are increasingly being empowered to market and sell properties before they are foreclosed upon, resulting in higher recovery amounts," he said.
Headquartered in San Diego with regional offices throughout the country, Trigild has more that 35 years of expertise in managing a wide array of commercial real estate assets and operating businesses, focusing on turnaround management and repositioning of troubled properties. Specializing in non-performing commercial loans, Trigild combines receivership, operations management, consulting, and disposition services under one roof – for maximum loan recovery. For further information, visit www.trigild.com.