For now, it will continue as a supermarket under a multi-year lease agreement. But CHLA, which is located immediately west of the market, said is bought the property in case it ever needs more room to grow.
Los Angeles Business Journal reports that CHLA picked up the nearly 3-acre property south of Los Feliz for $90 million. It’s the most recent land purchase by the hospital, which in recent years has acquired the sites of the former Circuit City store and Acapulco restaurant on Sunset.
“The rising demand for pediatric care is stretching our hospital’s space and capacity,” Nancy Lee, CHLA’s senior vice president and chief clinical officer, said in a statement. “Investing in a property like this permits us to plan for the future should patient volume require us to expand beyond current levels.”
An official for the supermarket chain said that the hospital “will make every effort to work with Vons on a smooth transition” if it ever decides “to develop the property to meet demand.”
Last year, the hospital reported total assets of $1.7 billion.
CHLA says the total number of visits by patients has increased by 20,000 in each of the past five years, including a 28 percent rise in emergency room visits.
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