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Village Shoppes at Pine Plaza Gets New Life

SUNRISE, FL-The largest shopping center foreclosure in South Florida's recent history has a new owner that's determined to fill 80,000 square feet of retail.

By Jennifer LeClaire | Updated on September 14, 2010

SUNRISE, FL-Global Fund Investments and MMG Equity Partners have acquired the title to the Village Shoppes at Pine Plaza, a 234,169-square-foot shopping center in Sunrise. The investors bought the notes from Compass Bank for an undisclosed amount after foreclosing on the property.

The transaction is the largest recent shopping center foreclosure to occur in South Florida. SCP-Capri, an affiliate of Stiles Capital Partners, acquired The Village Shoppes at Pine Plaza for $24 million in 2007. Compass Bank filed a $17.3 million foreclosure lawsuit against SCP-Capri in December 2009.

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