CGI+ Real Estate Investment Strategies Begins Development of New Organic Grocery in Los Angeles

Rezul News/10521566
The new 31,000-SF market at the intersection of Franklin and Western Avenues in Los Angeles' Los Feliz neighborhood to be operated by Lazy Acres Market under Long-Term Lease

LOS ANGELES - Rezul -- CGI+ Real Estate Investment Strategies ("CGI+") in joint venture with Megdal Investments has acquired a 24,000-square-foot, single-tenant retail property, the third and final piece of a 1.7-acre land assembly at the highly-trafficked southwest corner of Franklin and Western Avenues in Los Angeles' Los Feliz neighborhood.

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+.

"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 CGI+ Executive Vice President of Acquisitions and Development Andre Soroudi. "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."

More on Rezul News
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 8,500 square feet 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.

"We look forward to serving the Los Feliz, Hollywood, and Silver Lake communities," said Adam Caldecott, CEO of Lazy Acres Natural Market. "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."

More on Rezul News
About CGI+ Real Estate Investment Strategies

CGI+ Real Estate Investment Strategies (http://www.cgiplus.com) is a boutique real estate investment and strategy firm providing personalized high-quality service and performing assets.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com


Source: CGI+ Real Estate Investment Strategies
stats
Filed Under: Real Estate

Show All News | Report Violation

0 Comments