Lazy Acres Natural Market will open a sixth location in the Los Angeles neighborhood of Los Feliz.
The arrival of the organic grocery is thanks to the acquisition of a 24,000-square-foot, single-tenant retail property by CGI+ Real Estate Investment Strategies in a joint venture with Megdal Investments. The property is the third and final piece of a 1.7-acre plot on the southwest corner of Franklin and Western Aves. in Los Feliz.
Previously occupied by a Rite Aid, the building will be redeveloped into a Lazy Acres, a division of Good Food Holdings, which signed a long-term lease.
Founded in 1991, Lazy Acres also has locations in Santa Barbara, Long Beach, Encinitas, Mission Hills and Hermosa Beach.
Woodland Hills-based CGI+ has started renovations on the property, including stripping the building to its shell and core and adding 8,500 square feet to increase the building footprint by 30%. The property will then be fitted with a new façade and get new electrical and plumbing systems.
The building is slated to be ready by the end of the year, and Lazy Acres plans to open in 2022.
The market offers natural and organic groceries; local, seasonal and organic produce; full-service meat and seafood departments; bakery, coffee & juice bar, full-service deli and prepared foods; and health supplements and beauty products.
“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, CGI+ executive vice president of acquisitions and development, 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.”
“We look forward to serving the Los Feliz, Hollywood and Silver Lake communities,” added Lazy Acres CEO Adam Caldecott.