MIAMI-A portfolio of four office buildings with a total ofnearly 197,000 square feet, located in Miami-Dade and BrowardCounties in South Florida, which are leased to the General ServicesAdministration, were sold for $95.1 million on June 30th. The buyerwas a newly-created fund formed for the purpose of acquiring andholding office buildings fully-occupied by the GSA called NGP FundV LLC, based in McLean, Va. The price per square foot forthis portfolio was $483.

The buildings, which are LEED certified, were completed in 2008,and rented out to the United States Citizenship and ImmigrationServices, a division of the Department of Homeland Security, under15-year leases. The properties are located in NW Miami-Dade County,where there is a 60,157 square foot building, the Kendall sectionof Miami-Dade County where there is a 45,911 square-foot-buildingand the city of Hialeah, which has a 41,064-square foot building.In Broward County near Ft. Lauderdale, in the city of OaklandPark, there is an immigration services building with nearly28,667 square feet.

The developer of the buildings, the same entity which sold them,was Oakland Park-based South Florida Federal Partners, LLC, led bymanaging partner, Mark Levin. According to an April 2007 SouthFlorida Business Journal article, the rental rate for the buildingswas about $50 per square foot.