A 24,000-square-foot single-tenant property in Los Angeles’ Los Feliz neighborhood will be redeveloped into a Lazy Acres Market. The banner is a division of Los Angeles-based Good Food Holdings, which signed a long-term lease with developer CGI+ Real Estate Investment Strategies. A Rite Aid location previously occupied the site, which is located at the highly trafficked southwest corner of Franklin and Western Avenues.
“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,” said Andre Soroudi, EVP of acquisitions and development at Woodland Hills, California-based CGI+, which acquired the property in a joint venture with Beverly Hills, California-based Megdal Investments. “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.”
CGI+ has begun renovations that it expects to complete by the close of 2021. Under the direction of its entitlement and construction management group, the company is preparing the building for tenant improvements according to Lazy Acres’ specific design requirements. After stripping the building to its shell and core, CGI+ will add 8,500 square feet to boost the building footprint by 30%. The company will then create a new façade and install new electrical and plumbing systems.
Slated to open in 2022, the 31,000-square-foot Los Feliz Lazy Acres will offer a full shop experience featuring a wide variety of natural and organic grocery items; local, seasonal and organic produce; full-service meat and seafood departments; an in-store bakery; a coffee and juice bar; and a full-service deli and prepared food section, as well as a broad assortment of health supplements and beauty products.
“We look forward to serving the Los Feliz, Hollywood and Silver Lake communities,” said Lazy Acres CEO Adam Caldecott. “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.”
Founded in 1991, San Diego-based Lazy Acres currently operates five Southern California locations: Santa Barbara, Long Beach, Encinitas, Mission Hills and Hermosa Beach. Good Food Holdings is the holding company for five food retailing brands: Bristol Farms, Lazy Acres, Metropolitan Market, New Seasons Market and New Leaf Community Markets.