FORT LAUDERDALE, FL- Global Fund Investments and MMG EquityPartners have acquired a mortgage on the Village Shoppes at PinePlaza, a 234,169-square-foot shopping center in Sunrise, Florida,west of Fort Lauderdale, which is owned by a subsidiary of the FortLauderdale-based Stiles Corp. named SCP-Capri Pine Plaza. Stileshad purchased the Sunrise shopping center in partnership with CapriCapital Partners of Chicago for nearly $24 million on July 31,2007.

John Strzalka, an executive with Global Fund Investments, basedin Miami Beach, declined to give the amount of the note, but theoriginal loan from Compass Bank was for $18.2 million. The propertywas assessed at $16.26 million in 2010. The sale of the mortgage onthe property took place on April 29^th, but Global Realty& Management FL, which represents the joint-venture, took overleasing and management for the 24-year-old shopping center on June1^st. It is anchored by a Winn-Dixie supermarket, SunriseCinema and Family Dollar.

Strzalka says that Global Fund Investments and MMG EquityPartners plan to foreclose on the Village Shoppes, which is 64%occupied, this summer. The low occupancy rate, he says, is not dueto the center losing anchor tenants, but the loss of small-shoptenants.