CBRE Secures $8 Million Financing for Acquisition and Construction of Trader Joe’s Store in San Francisco
In a successful transaction, CBRE has arranged an $8 million fixed-rate bridge loan on behalf of Fulton Retail DE1, LLC for the acquisition and development of 555 Fulton St. in San Francisco. The property will serve as the future location for a Trader Joe’s grocery store.
Led by Regina Wang, Connor Lemley, James Bach, and Griffin Walker from CBRE’s team secured the financing with a 30-month term to facilitate Fulton Retail’s purchase and build-out plans.
Upon completion of interior construction work at 555 Fulton St., Trader Joe’s is expected to open its doors to customers by fall 2024. This investment will bring significant long-term value to Hayes Valley neighborhood where the grocer has been planning its expansion for years.
According to Wang: “Despite facing challenges such as higher interest rates, short-term vacancy during tenant build-out period,and disruptions in insurance market,the right transaction team can still make deals happen.”
