LA JOLLA, CA-The Lions Clothing building in La Jolla is soon to get a major overhaul, as the All Star Investments subsidiary BDC Development Ltd. has purchased the retail property for $3.5 million, with plans to completely renovate the asset. Built in 1961, the facility is located at 7650 Girard Ave.”It will be a total rehab of the building, with a new facade and new elevators,” says Phil Wise of the planned improvement project, which is scheduled for completion by mid-spring 2005. Wise, who is with Colliers International, acted on behalf of BDC Development Ltd. in its recent acquisition. He also represented the seller, Dr. Ari Babaknia. BDC Development was attracted to the Lions Clothing building because the firm specializes in buying up older buildings that it then repositions and re-leases. “It’s the same group that purchased Cove Theater several years ago, refurbished the theater, re-leased it, and then, just by circumstance, resold it and did quite well,” Wise tells GlobeSt.com. The Cove Theater property, which is located less than a block away from the Lions Clothing facility, is now leased to Jos. A. Bank Clothiers and furniture retailer Ligne Roset. Wise says BDC Development hopes to attract the same type of tenants – “good-credit, high-quality, stable retailers” – to its newly acquired asset. The facility, which is comprised of 9,510 sf of contiguous ground floor and mezzanine space and approximately 6,500 sf of second floor space, may be leased out to either one sole occupant or a couple of tenants.

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