CGI Strategies and Megdal Investments inked a long-term lease with Lazy Acres Natural Market for a 30,000-square-foot store in Loz Feliz. The location, which is being redeveloped, will be the small grocery chain’s sixth in Southern California.
CGI and Megdal acquired a 24,000-square-foot property to complete a 1.7-acre site on Franklin and Western avenues, according to the Los Angeles Business Journal. Shopping Center Business first reported the news. The recently acquired property was formerly a Rite Aid. CGI and Megdal plan to add 8,500 square feet to the wider renovation. Work will be completed year end.
Lazy Acres — owned by Good Food Holdings — is based in Santa Barbara.
Woodland Hills-based CGI has developed mostly multifamily properties across the L.A. area. Its latest project is an 86-unit complex in Hollywood. And in March 2020, the firm secured a $48 million construction loan for a 200-unit apartment project in Koreatown.