NEWPORT BEACH, Calif., June 21 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) has sold Miraloma Industrial Center in Anaheim, California, a
single-tenant industrial facility, for a total sales price of $4.6 million to
the owner of the current tenant of the property, Merical Distributors, Inc., a
vitamin distribution company.
Chairman of the Board and Chief Executive Officer Glenn L. Carpenter
stated, "The sale is in accordance with the company's strategy to sell
properties that are not in its core property type and that offer little to no
upside growth. The company plans to reinvest the proceeds within 30 to 45
days in its core industrial product type that would provide for future upside
growth potential."
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 72 properties encompassing more than
15.4 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 filed Form 10-K, filed in
March of 1999, and Form 10-Q, filed in May of 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 Inc.
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CONTACT:
Investor Relations, Cindy L. Smith of Pacific
Gulf Properties Inc., 949-223-5000; general inquiries, Virginia
St. John-Needham, 310-442-0599, analyst inquiries, Nan Teele,
415-986-1591, media inquiries, Stephen Moore, 310-442-0599, of
the Financial Relations Board
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