Company Enters Non-Exclusive Agreement with Apex Site Management
To Provide Tenants Fixed Wireless Services
NEWPORT BEACH, Calif., June 2 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG), a real estate investment trust that owns, develops and manages
industrial properties in the West, has signed a non-exclusive agreement with
Apex Site Management, the nation's largest full-service real estate management
company specializing in licensing rooftop space to high quality
telecommunications tenants. Under terms of the agreement, Apex will negotiate
and administer all telecommunications access rights for Pacific Gulf
properties.
"Apex brings telecommunications expertise and income opportunities to our
properties, thereby delivering an additional revenue source to the company as
well as enhanced service and continued savings to our tenants," said Pacific
Gulf Senior Vice President Robert Dewey.
"We are very excited about working with Pacific Gulf Properties," said
Apex President Marc Ganzi. "Their portfolio of high-quality business parks
will strengthen our growing West Coast portfolio."
According to Executive Vice President of Operations J.R. Wetzel, Pacific
Gulf is currently exploring the opportunity to provide similar services to
tenants in its active senior and multifamily apartment communities. "We're
seeking out areas where Pacific Gulf can improve its services and therefore
enhance our competitive advantage while increasing revenues," Mr. Wetzel said.
"Services such as Apex's are a perfect vehicle to do just that, and we will
continue to look for similar opportunities."
Apex Site Management, Inc. is headquartered just outside Philadelphia in
Conshohocken, Pa., and maintains regional offices in Boca Raton, Boston,
Buffalo, Chicago, Dallas, Little Rock, Los Angeles, Nashville, New York,
Raleigh, Seattle, and Washington/Baltimore. Since its founding in early 1995,
Apex has amassed over 11,000 properties under exclusive management agreements
in the United States and Canada. Apex has created over $180 million in long
term value for its clients via telecommunications license agreements. In
doing so, Apex has delivered over 1,700 sites to the telecommunications
industry. Additional information regarding Apex can be found on their website
located at http://www.apexsite.com.
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. Please
refer to documents the company files from time to time with the Securities and
Exchange Commission, specifically the company's last Form 10-K filed in
March 1999, Form 10-Q, filed in November 1998, and Form 8-K filed in January
1999. 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
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Related links:
http://www.apexsite.com
CONTACT:
Donald G. Herrman, Chief Financial Officer of
Pacific Gulf Properties, 949-223-5000, or General Information,
Virginia St. John-Needham, Media Contact, Stephen Moore,
310-442-0599, or Analyst Contact, Nan Teele, 415-986-1591, all of
The Financial Relations Board
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