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.

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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.

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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.

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One of the reasons that the portfolio sold for a high price persquare foot, says Hermen Rodriguez, HFF managing director in CoralGables, who, along with director Ike Ojala, also of HFF in CoralGables, represented the seller, was that two of the buildings havestructured parking garages and the government demanded they be incertain zip codes. “Some of these buildings were in built-outneighborhoods, so finding developable land was expensive,” he says.Plus they are also LEED-certified, says Rodriguez. They also had tobe served by public transportation and be near transportationarteries, according to government specifications.

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“These buildings are the prototypes for all the immigrationservices buildings in the country,” says Rodriguez. The sellersigned 15-year leases with the GSA, which started about a year ago,so there are 14 years left on them.

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"Rarely do portfolios of this size and quality come to market inMiami-Dade County," says Rodriguez. Foreign buyers showed interestin them, he says. "There was a premium to buy these buildings as aportfolio," says Rodriguez.

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