Woodland Hills-based CGI+ and Megdal Investments recently acquired a 24,000-square-foot, single-tenant retail property. It marks the third piece of a 1.7-acre spot of land on the southwest corner of Franklin and Western Avenues.
The land will be redeveloped into a Lazy Acres Natural Market, an organic grocery store. Lazy Acres is a division of Good Food Holdings, which signed a long-term lease for the site. Good Food is also the holding company for Bristol Farms, Metropolitan Market, New Seasons Market and New Leaf Community Markets.
The Los Feliz site was formerly occupied by Rite Aid.
Renovations have started on the site. Work is scheduled to wrap by the end of the year and Lazy Acres Natural Market Los Feliz is expected to open in 2022.
“We are committed to the Los Feliz neighborhood, where we have a significant presence with numerous properties within a mile-and-a-half of Lazy Acres,” CGI+ Executive Vice President of Acquisitions and Development Andre Soroudi said in a statement.
“In addition to revitalizing a currently underdeveloped site at one of the most important intersections in the neighborhood, we are proud to bring healthy choices to Los Feliz,” he said.
Renovations to the property include adding 8,500 square feet, which will increase the size of the building by 30%.
“We look forward to serving the Los Feliz, Hollywood and Silver Lake communities,” Adam Caldecott, chief executive of Lazy Acres Natural Market, said in a statement. “At Lazy Acres, we believe in a holistic approach to optimal health. No matter where you are on your path to wellness, we’re here to provide you with the best available solutions — from artisanal products steeped in tradition, to the latest innovations and scientific breakthroughs.”
For reprint and licensing requests for this article, CLICK HERE.