NEWPORT BEACH, Calif., March 8 /PRNewswire/ -- Moving forward with its
strategy to develop rental communities for active seniors age 55 and older,
Pacific Gulf Properties Inc. (NYSE: PAG) has purchased the first of four sites
it currently has in escrow, consisting of 8.65 net acres located in Anaheim,
Calif., for $5.4 million from American Housing Partners Inc. The company
plans to begin construction during the second quarter of 1999, with completion
expected during the summer of 2000.
"We continue to seek opportunities for growing our portfolio of active
seniors properties, and this site fits well with our strategy in that it is
conveniently located near shopping and entertainment facilities which are
important to active seniors when they select a place to live," said Glenn L.
Carpenter, chairman of the board and chief executive officer. "This site has
all of the features that exist at The Fountains at Rancho Santa Margarita,
another active seniors community that we completed in early 1998."
The Fountains at Anaheim Hills will be located in the master-planned
community known as The Festival. Centrally located recreation facilities will
be available within the three-story community, featuring a pool and spa, game
room, library, and other amenities such as elevator access and on-site laundry
facilities.
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, Calif.
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. Please
refer to documents the company files from time to time with the Securities and
Exchange Commission, specifically the company's last filed Form 10-K, filed in
March of 1998, Form 10-Q, filed in November of 1998, and Form 8-K, filed in
December of 1998. These documents contain and identify important factors that
could cause the actual results to differ materially from those contained in
any projections or forward-looking statements contained in this press release.
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, Analysts,
Nan Teele, 415-986-1591, or Media, Stephen Moore, 310-442-0599,
all of the Financial Relations Board
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