The Real Deal Miami

Owner of future Trader Joe’s location gets $27M loan

Wells Fargo Bank provides construction financing for Fort Lauderdale shopping center

July 24, 2014 03:45PM

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Trader Joe's

Trader Joe’s

The company building a Fort Lauderdale Trader Joe’s site lined up a $27.2 million construction loan from Wells Fargo Bank.

HEP1600 LLC, which is tied to Naples-based Ezon Inc., obtained the mortgage for the shopping center that is being renovated at 1590-1600 North Federal Highway. Trader Joe’s is expected to open a store there next year, according to the South Florida Business Journal. HEP1600 paid nearly $13 million for the more than 46,000-square-foot center in a recent transaction.

The previous owner, Rochester, N.Y.-based Give & Get LLC, spent $5.3 million on the property in 2006.

Office Depot is reducing the size of its store by 6,500 square feet in advance of Trader Joe’s arrival. [South Florida Business Journal]Eric Kalis

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