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Los Angeles

CGI Strategies inks deal with Lazy Acres chain in Los Feliz

Together with Megdal Investments, firm acquired parcels to build 30K-sf grocery store

CGI Founder and CEO Gidi Cohen with the property site. (Google Maps, CGI)
CGI Founder and CEO Gidi Cohen with the property site. (Google Maps, CGI)

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.

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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.

[LABJ, SCB] — Dennis Lynch

Tags
Los FelizRetail Real Estate