NEWPORT BEACH, Calif., April 9 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced that it began construction on two industrial
projects in South Orange County, California, during the first quarter of 1998.
PGBP-Lake Forest will contain approximately 209,000 square feet with suite
sizes ranging from 5,000 to 25,000 square feet offering both dock-high and
ground level loading. The Company anticipates completion of PGBP-Lake Forest
during the third quarter of 1998. Pacific Gulf Spectrum Centre will be a
multi tenant property which will contain approximately 235,000 square feet.
The Company anticipates completion of Spectrum Centre in the fourth quarter of
1998.
In addition, Pacific Gulf announced that it has its first signed lease for
approximately 20,000 square feet at PGBP-Lake Forest. Sternschnuppe, a
contract manufacturer, signed a five-year lease for expanded space at PGBP-
Lake Forest. Currently, Sternschnuppe occupies approximately 10,000 square
feet at another Pacific Gulf industrial property located in Aliso Viejo,
California. This further demonstrates the Company's ability to accommodate
its tenants' needs to expand or contract their space as market conditions
warrant while maintaining tenants within the Pacific Gulf portfolio.
Robert A. Dewey, Vice President of Industrial Operations, stated that Voit
Commercial Brokerage has an exclusive listing on the property; interested
parties may contact Mike Cargile (714-978-7880) or Trent Walker
(714-851-5100), both of Voit Commercial, or Jon Sprott, South Orange County
Regional Manager for Pacific Gulf (714-556-5336).
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities Act of
1934. Such statements relating to, among other things, events, conditions 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.
Pacific Gulf Properties Inc., a self-administered and self-managed equity
real estate investment trust, owns, operates, leases, acquires, rehabilitates
and develops industrial and multifamily properties located in selected markets
within the western United States.
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 671475
CONTACT:
Cindy L. Smith, Investor Relations of Pacific
Gulf Properties, 714-721-2700, ext. 14, or fax, 714-721-2713
|
