FORT LAUDERDALE, FL- Global Fund Investments has acquired Sunshine Plaza and Shenandoah Square in a joint venture with Migdal Insurance Co. and Menora Mivtachim Insurance, two of the largest Israeli insurance companies. The combined purchase price was $37 million.

The acquisition marks the first transaction of the newly formed Global-Migdal-Menora joint venture. The companies are partnering to acquire in-fill, institutional-level, grocery-anchored shopping centers. Global will act as the general partner and will manage and lease the properties.

“Shenandoah and Sunshine perfectly fit the mold of the venture,” Doron Valero, Global’s managing partner, said in a statement. “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.”

Sunshine Plaza is a 237,000-square-foot shopping center anchored by Publix, Old Time Pottery and Dollar Tree, with a newly-executed lease with Marshall’s. It is located at the northwest corner of Commercial Boulevard and US 44, just east of the Florida Turnpike, in Tamarac. About 100,000 cars pass the site daily and 172,000 people live within a three-mile radius of the shopping center, according to Global’s feasibility studies.

Shenandoah Square is a 126,000-square-foot shopping center anchored by Publix, Walgreens and Dollar Tree. It is located on the southwest corner of Interstate 595 and 136th Avenue in Davie. The center sits at the entrance to an affluent area that is home to about 12,000 people within a one-mile radius. The average household income in the area is $78,245, according to Global.

Anthony Blanco, managing partner at Plaza Advisors in Miami, tells GlobeSt.com that these acquisitions illustrate the continued wave of foreign investment capital seeking solid, well-located retail properties throughout our major markets. Global Fund has an intensive approach to management and leasing of properties, Blanco says, and as a result they have a history of delivering strong returns for their investors.

“It was clearly this fact that led Migdal Insurance and Menora Mivtachim to partner with Global Fund, and I would expect them to continue to seek out solid retail investments throughout the region,” Blanco says. “These Publix-anchored centers are very well located and benefit from dense trade areas with limited prospects for future competition. In combination with Global's expertise and management, I expect these centers to perform very well.”