As String concatenation optimization is performed by the Java compiler, you can see what it does by decompiling the byte code:
$ cat Test.java
interface Field {}
public class Test {
    static String toString(Field[] fields, Object bar) {
        StringBuilder str = new StringBuilder("foo");
        for(Field f : fields){
            str.append("|" + f);
        }
        str.append("|" + bar);
        return str.toString();
    }
}
$ javac Test.java
$ javap -c Test.class
Compiled from "Test.java"
public class stackoverflow.Test {
  public stackoverflow.Test();
    Code:
       0: aload_0
       1: invokespecial #8                  // Method java/lang/Object."<init>":()V
       4: return
  static java.lang.String toString(stackoverflow.Field[], java.lang.Object);
    Code:
       0: new           #16                 // class java/lang/StringBuilder
       3: dup
       4: ldc           #18                 // String foo
       6: invokespecial #20                 // Method java/lang/StringBuilder."<init>":(Ljava/lang/String;)V
       9: astore_2
      10: aload_0
      11: dup
      12: astore        6
      14: arraylength
      15: istore        5
      17: iconst_0
      18: istore        4
      20: goto          53
      23: aload         6
      25: iload         4
      27: aaload
      28: astore_3
      29: aload_2
      30: new           #16                 // class java/lang/StringBuilder
      33: dup
      34: ldc           #23                 // String |
      36: invokespecial #20                 // Method java/lang/StringBuilder."<init>":(Ljava/lang/String;)V
      39: aload_3
      40: invokevirtual #25                 // Method java/lang/StringBuilder.append:(Ljava/lang/Object;)Ljava/lang/StringBuilder;
      43: invokevirtual #29                 // Method java/lang/StringBuilder.toString:()Ljava/lang/String;
      46: invokevirtual #32                 // Method java/lang/StringBuilder.append:(Ljava/lang/String;)Ljava/lang/StringBuilder;
      49: pop
      50: iinc          4, 1
      53: iload         4
      55: iload         5
      57: if_icmplt     23
      60: aload_2
      61: new           #16                 // class java/lang/StringBuilder
      64: dup
      65: ldc           #23                 // String |
      67: invokespecial #20                 // Method java/lang/StringBuilder."<init>":(Ljava/lang/String;)V
      70: aload_1
      71: invokevirtual #25                 // Method java/lang/StringBuilder.append:(Ljava/lang/Object;)Ljava/lang/StringBuilder;
      74: invokevirtual #29                 // Method java/lang/StringBuilder.toString:()Ljava/lang/String;
      77: invokevirtual #32                 // Method java/lang/StringBuilder.append:(Ljava/lang/String;)Ljava/lang/StringBuilder;
      80: pop
      81: aload_2
      82: invokevirtual #29                 // Method java/lang/StringBuilder.toString:()Ljava/lang/String;
      85: areturn
}
As you can see, the code invokes StringBuilder constructors (Method java/lang/StringBuilder."<init>":) in 3 places, so new StringBuilders would be created in each iteration (unless the just-in-time compiler performs fancy optimization).
This is very unlikely to be a significant performance problem, but in the unlikely case it is you can easily fix this by rewriting to 
str.append("|").append(f);