NEWPORT BEACH, Calif., May 26 /PRNewswire/ -- Continuing its value-added
approach to expansion of its portfolio, Pacific Gulf Properties Inc.
(NYSE: PAG) announced today that it has acquired a 214,000 square foot
distribution center and 13.5 acres of vacant land located in Whittier,
California. Pacific Gulf paid a total of $14,300,000 for the distribution
center which is to be leased to Eastman Kodak Company, and the vacant land
which will be developed by the Company.
The project offers practical freeway access, dock-high loading and
distribution capabilities, and also increases Pacific Gulf's presence in Los
Angeles County.
Glenn L. Carpenter, Chairman of the Board and Chief Executive Officer,
noted that the Company plans to develop three new buildings on the vacant land
which, when completed, will contain a total of nearly 262,000 square feet.
Two of the buildings will cater to the smaller, single user, and will each
consist of approximately 34,000 square feet. The third building will contain
approximately 194,000 square feet, and will be divisible into two to four
tenant spaces. The Company anticipates the new construction to begin during
the fourth quarter of 1998.
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.
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.
SOURCE Pacific Gulf Properties Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 671475
CONTACT:
Cindy L. Smith, Investor Relations, Pacific
Gulf Properties, Inc., 949-223-5000
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