NEWPORT BEACH, Calif., March 15 /PRNewswire/ --
Pacific Gulf Properties Inc. (NYSE: PAG) announced today the sale of the
Company's remaining traditional multifamily apartment property. The sale of
the 204-unit property, located in Diamond Bar, California, produced
approximately $10.9 million net cash proceeds to the Company after repayment
of debt and expenses.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
currently is in the process of liquidating its assets. 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, prospect, expectations and financial trends that may
affect the Company's future distributions, plans 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, future liabilities and other factors.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer of
Pacific Gulf Properties Inc., 949-223-5000
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