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