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.”