LOS ANGELES, May 11, 2012 (GLOBE NEWSWIRE) -- Smart & Final has signed a 20 year lease agreement to occupy approximately 25,000 square feet on the ground floor of L&R's "845 FIG" office building with the Smart & Final Extra! concept. 845 FIG is currently undergoing a $20 million modernization, including a new curtain-wall and window system, major structural upgrades, new building systems and an outdoor seating patio on Figueroa - all of which will help transform 845 FIG into a boutique class A office building. Construction on the office building portion of the project commenced last month; construction of the Smart & Final Extra! is slated to begin 4th qtr. of 2012 with the store expected to open during the first quarter of 2013.
"We are pleased to be able to provide downtown residents and businesses with a new alternative for grocery and multiple product items, and are looking forward to re-activating this portion of Figueroa with a boutique class A office building and an outdoor seating patio," said Gilad Lumer, a partner and project manager at L&R. "We are confident that 845 FIG's strategic location between LA Live and the soon-to-open Target will help Smart & Final Extra! serve the needs of both residents and businesses in downtown."
Smart & Final Extra! stores have all the features customers love about Smart & Final plus extra low prices, extra assortment, extra service and more. Smart & Final Extra! stores range in size from 25,000 to 40,000 square feet, much larger than a typical 17,000-square-foot traditional Smart & Final warehouse store. With all that extra space, the stores are able to carry more than 5,000 additional items in family-friendly sizes. The assortment at Smart & Final Extra! includes a greatly expanded selection of products in key categories like produce, fresh meat, frozen foods, dairy, deli and grocery basics like cereal, yogurt, bread and snacks. There are also sections for baby food and diapers and health and beauty care. The stores also continue to carry a large selection of "Club Pack" sized products for stocking-up and a broad assortment of food service, janitorial and other supplies for businesses and organizations.
About Smart & Final
Originally founded in 1871 in downtown Los Angeles, Smart & Final Stores LLC operates approximately 250 retail stores under the banners Smart & Final, Smart & Final Extra! and Cash&Carry Smart Foodservice. For more information, visit the company's website at www.smartandfinal.com.
About L&R Group of Companies
Headquartered at 845 FIG in Los Angeles, L&R is a privately held, well-capitalized real estate organization, whose primary business is operating two distinct parking divisions: Joe's Auto Parks in Los Angeles and WallyPark nationwide. L&R also builds, owns, and manages parking and related facilities at major urban areas and airports across the country. For more information visit the company's website at www.tlrgc.com.
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