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5/05/21
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CGI+ Real Estate Investment Strategies (“CGI+”) in joint venture with Megdal Investments has acquired a 24k sf, single-tenant retail property in Los Feliz. The parcel represents the third and final piece of a 1.7-acre land assembly at the highly-trafficked southwest corner of Franklin and Western Avenues.
The property, which was previously occupied by Rite Aid is being redeveloped into an organic grocery operated by Lazy Acres Market, a division of Good Food Holdings which signed a long-term lease with CGI+. According to CGI+ Executive Vice President of Acquisitions and Development Andre Soroudi, the firm currently has numerous properties within a mile-and-a-half of Lazy Acres.
CGI+ has started renovations and will deliver to the tenant by the end of 2021.
Under the direction of its Entitlement and Construction Management Group led by Mario Lopez, CGI+ is preparing the building for tenant improvements according to Lazy Acres Natural Markets’ specific design requirements. After reducing the building to its shell and core, CGI+ will add 8.5k sf to increase the building footprint by 30 percent. The firm will then create a new façade and install new electrical and plumbing systems.
When it opens in 2022, Lazy Acres Natural Market Los Feliz will provide 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, bakery, coffee & juice bar, full-service deli and prepared foods, as well as an extensive selection of health supplements and beauty products.
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