NEWPORT BEACH, Calif., Feb. 16 /PRNewswire/ -- Continuing to focus on its
business strategy to concentrate on its growing portfolio of industrial
properties and rental communities for active seniors, Pacific Gulf Properties
Inc. (NYSE: PAG) completed the sale of Park Place Apartments, a 196-unit
family-style apartment community in Santa Ana, California for a total sales
price of $11 million. The Park Place community was purchased by 300 West
2nd, LLC. Pacific Gulf recognized a profit, after all costs, of approximately
$3 million, and has earmarked the proceeds to be used to increase its
portfolio of industrial properties designed for small to mid-size tenants.
The company expects to market the remaining family-style properties during
2000. The sale of these properties, located in Southern California and
consisting of 1,631 apartment units in 10 properties, is targeted for the year
2000, following the expiration of a contractual holding period.
In the fourth quarter of 1998, Pacific Gulf sold five traditional
family-style apartment communities in the state of Washington, subsequently
acquiring seven industrial properties containing approximately 1.3 million
square feet with the proceeds recognized from the sale.
Pacific Gulf Properties is a real estate investment trust that owns,
develops and manages a growing portfolio of industrial properties targeting
small to mid-size tenants in selected high-growth western markets. The
company's industrial portfolio includes 73 properties encompassing more than
15.5 million square feet of space. Pacific Gulf also maintains a smaller
multifamily portfolio that includes eight rental communities comprising almost
1,500 units designed for the burgeoning population of active seniors age
55 and older. The company is headquartered in Newport Beach, California.
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934. Such statements relating to, among other things,
events, conditions, prospects and financial trends that may affect the
company's future plans of operations, business strategy, growth of operations
and financial position are not guarantees of future performance and are
necessarily subject to risks and uncertainties, some of which are significant
in scope and nature, including without limitation, increased competition,
adverse economic trends, increasing interest rates and other factors.
SOURCE Pacific Gulf Properties Inc.
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CONTACT:
Investor Relations, Cindy L. Smith of Pacific
Gulf Properties Inc., 949-223-5000; or General Information,
Virginia St. John-Needham, 310-442-0599, Media, Stephen Moore,
310-442-0599, or Analysts, Nan Teele, 415-986-1591, all of The
Financial Relations Board
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