NEWPORT BEACH, Calif., June 22 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced its acquisition of four industrial properties in
Southern California containing a total of approximately 703,000 square feet
from various partnerships controlled by the Koll Company for a total purchase
price of $41,800,000. The properties, built during the mid 1970's, are
located in Orange County in the cities of Garden Grove, Irvine, and Tustin,
adding significant presence for Pacific Gulf in its established markets.
The Garden Grove property is a multi tenant industrial park containing
approximately 208,000 square feet in 12 freestanding buildings, and is located
just two blocks from another of the Company's properties, Pacific Gulf
Business Center. At close of escrow, the property was 94% occupied.
Located near the Irvine Business Complex in Orange County, California, the
second property includes seven freestanding concrete tilt-up buildings
constructed in 1979 containing approximately 129,000 square feet. In
addition, this property is located less than one mile from the Company's
headquarters. At close of escrow, the property was 100% occupied.
The third and fourth properties, both located in Tustin, California, offer
multi tenant facilities with both dock-high and ground-level loading. The
first of these includes 15 freestanding concrete tilt-up buildings constructed
in 1976, and contains approximately 306,000 square feet. At close of escrow,
the property was 99% occupied. The final Tustin property consists of a 60,000
square foot single-tenant distribution facility which was 100% occupied at
close of escrow.
Glenn L. Carpenter, Chairman of the Board and Chief Executive Officer,
stated that "all four properties fit into the Company's strategy and meet the
objective of acquiring well located properties without requiring additional
management due to the close proximity of other Pacific Gulf holdings."
The addition of these properties to Pacific Gulf's existing industrial
portfolio brings its total to 67 properties containing an approximate total of
13,400,000 square feet.
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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CONTACT:
Cindy L. Smith, Investor Relations of Pacific
Gulf Properties Inc., 949-223-5000, or 800-PGP-1909
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