Four- Building GSA Portfolio Sells for $95M

MIAMI-A portfolio of four office buildings with a total of nearly 197,000 square feet, located in Miami-Dade and Broward Counties in South Florida, which are leased to the General Services Administration, were sold for $95.1 million on June 30th. The buyer was a newly-created fund formed for the purpose of acquiring and holding office buildings fully-occupied by the GSA called NGP Fund V LLC, based in McLean, Va.  The price per square foot for this portfolio was $483.

The buildings, which are LEED certified, were completed in 2008, and rented out to the United States Citizenship and Immigration Services, a division of the Department of Homeland Security, under 15-year leases. The properties are located in NW Miami-Dade County, where there is a 60,157 square foot building, the Kendall section of Miami-Dade County where there is a 45,911 square-foot-building and the city of Hialeah, which has a 41,064-square foot building. In Broward County near Ft. Lauderdale, in the city of Oakland Park,  there is an immigration services building with nearly 28,667 square feet.