In a joint venture with two of the largest Israeli insurance companies, Migdal Insurance Company and Menora Mivtachim Insurance, Global Fund Investments has acquired Sunshine Plaza and Shenandoah Square for a combined purchase price of $37 million.
Sunshine Plaza is a 237,000 square foot shopping center anchored by Publix, Old Time Pottery and Dollar Tree, with a newly-executed lease in place with Marshall’s. It is located at the northwest corner of Commercial Boulevard and US 441 / SR 7, just east of the Florida Turnpike, in Tamarac, FL. Situated at an extremely dense and high traffic area, 100,000 cars pass the site daily, and an estimated 172,000 people live within a three-mile radius of the shopping center.
Shenandoah Square is a 126,000 square foot shopping center anchored by Publix, Walgreens, and Dollar Tree and is located on the southwest corner of Interstate 595/ State Road 84 and 136th Avenue in Davie, FL. Situated at the entrance to an affluent area, an estimated 12,000 people live within a one-mile radius of the property, with average household income of $78,245.
The acquisition marks the first transaction of the newly formed Global / Migdal / Menora joint venture, created for the purpose of acquiring in-fill, institutional-level, grocery-anchored shopping centers. Global will act as the general partner, and will manage and lease the properties.
Global’s Managing Partner, Doron Valero, stated, “I’m pleased to announce the formation of the joint venture, which provides us with highly credited capital partners who share our long term strategy of diversifying our portfolio and acquiring institutional-level shopping centers. Shenandoah and Sunshine perfectly fit the mold of the venture. The transaction further highlights foreign investor interest in retail real estate, located in strong markets, and we look forward to pursuing more investment opportunities with our partners in Florida, Texas and other growth markets.”
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