CBRE Secures $8M Loan for Acquisition and Construction of Future Trader Joe’s in San Francisco
CBRE, a leading commercial real estate services firm, has successfully arranged an $8 million loan for Fulton Retail DE1, LLC to acquire and develop 555 Fulton St. in San Francisco. The property will be the future home of a highly anticipated Trader Joe’s grocery store.
The CBRE team consisting of Regina Wang, Connor Lemley, James Bach, and Griffin Walker secured the 30-month fixed rate bridge loan on behalf of Fulton Retail. This financing will allow them to not only acquire the property but also build out retail space.
Upon completion of construction on the interior space at 555 Fulton St., Trader Joe’s plans to open its doors by fall 2024. According to Wang: “This investment will bring tremendous long-term value to Hayes Valley neighborhood where there has been demand for a Trader Joe’s store.” She further adds that despite challenges such as higher rates and short-term vacancy during tenant build-out period along with disruptions in insurance market; with an expert transaction team like CBRE deals can still be successfully closed.
This latest development is yet another example showcasing CBRE’s expertise in arranging financing solutions for commercial real estate projects across various sectors including retail.
