First Washington Realty Receives $19M Loan for Bay Area Acquisition

JLL worked on behalf of the borrower to secure a 10-year, fixed-rate loan from PGIM Real Estate Finance.
Fairmont Shopping Center. Image via Google Street View

GRI Fairmont LLC, an affiliate of First Washington Realty, has received a $19.6 million acquisition loan for Fairmont Shopping Center, a 103,000-square-foot property in the San Francisco suburb of Pacifica. JLL worked on behalf of the borrower to secure a 10-year, fixed-rate loan from PGIM Real Estate Finance.

Located at 705-799 Hickey Blvd., on 7.4 acres, the center is 1 mile west from Interstate 280. According to JLL, more than 164,000 residents earning an average annual household income of $134,610 live within a three-mile radius of the property.

Built in 1966, the retail center was renovated in 2015 and 2018. The 96 percent leased property is anchored by Safeway and is also home to Dollar Tree, Supercuts, Starbucks, Rockway Beach Optometry, Rite Aid, American Sushi House and others.

The JLL team was led by Directors John Marshall and Bercut Smith, along with Managing Director Greg Brown. Last month, Brown was part of a team that arranged a construction loan of $119 million for an adaptive reuse project in Los Angeles.