The Deal: Lubkin put together the $4.8 million acquisition of a 69,022-square-foot shopping center in Casselberry, about 10 miles from downtown Orlando.

The buyer was 2013 Casselberry Plaza LP, affiliated with GBR Properties Inc. in Tulsa, Oklahoma.

The seller was Casselberry V LLLP, affiliated with Global Fund Investments with offices in Sunrise.

The deal closed March 19.

Details: Casselberry Plaza, a Class B type of asset, wasn’t on the market when Lubkin learned about the investment opportunity at a networking event sponsored by the International Council of Shopping Centers in November.

Lubkin ran into a Global Fund executive who asked him if he would be interested in buying a cash-flowing retail center in Casselberry.

“My response was, ‘Where is Casselberry?’ I never heard of it before,” he said.

Soon after that meeting, he drove to the property, liked it and began looking for a general partner to create a joint venture.

For the last few years, Lubkin had followed GBR’s acquisitions in South Florida and hoped they could one day do business together. He reached out to GBR president Ben Latham. They joined forces, with Lubkin becoming the minority partner.

The retail center sits on 7.5 acres and was 86 percent occupied at the time of closing.

On the day of closing, the new owner signed a 4,000-square-foot lease thanks to Global Fund, which helped secure the tenant.

The property is anchored by Sam’s Club, which owns its own site and was not part of the transaction. Tenants in the center include Habitat for Humanity, Sally Beauty and Carter Shoe Repair.

Lubkin said the joint venture, which paid cash for the property, may pull some money out of it.

“We are super well capitalized, but we are planning on putting some debt on the property,” he said.  Lubkin said his partner has access to financing that “is so insanely inexpensive that is unbelievable.”

Lubkin said Global Fund sold the property because it didn’t fit its portfolio of Publix-anchored retail centers. He said Global Fund acquired the property at a bargain price at the height of the recession and wanted to reap the benefits of buying at the right time, he said.

“Everything has a cycle to it,” Lubkin said. “They made their money. They could have refinanced it and held on to it and have it cash flow forever but they didn’t.”

Background: Lubkin is president and chief executive officer of Miami-based Ibis Development Group.