NEWPORT BEACH, Calif., July 7 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG) announced today that it has entered into one new industrial lease
and one lease renewal, valued in total at approximately $7,000,000 over the
terms of the leases.
The Company entered into a seven-year lease at its Eden Rock #10 property
in Hayward, California with AGA Warehouse Company, Inc. for approximately
149,000 square feet. Anticipated value of the lease to Pacific Gulf is
approximately $5,200,000 over the lease term. According to J.R. Wetzel,
Executive Vice President of Operations for Pacific Gulf, BT Commercial, who
acted as broker on the transaction, advised the Company that this transaction
represents the largest industrial lease year-to-date in the city of Hayward.
AGA Warehouse Company, a firm specializing in public warehousing, will occupy
approximately 45% of this Pacific Gulf property. Including this transaction,
Eden Rock #10 is 100% leased. Mike Kamm, Steve Kapp and Jim Kovaleski of BT
Commercial represented Pacific Gulf, and Casey Rickson of Colliers-Parrish
represented AGA.
At its 302,000 square foot property in Chino, California, Pacific Gulf
renewed a lease for approximately 165,000 square feet with Pioneer Electronics
Technology, Inc., representing an anticipated total value of approximately
$1,800,000 over the three-year lease term. Pioneer Electronics Technology,
Inc. occupies approximately 55% of the property, which is currently 100%
leased.
Wetzel stated further, "Pacific Gulf's industrial team, led by Bob Dewey,
Senior Vice President, did an outstanding job during negotiations and
completion of both leases. Douglas Kniveton, Director of Industrial
Operations-Northern California, and Jon Carley, Regional Manager for the
Company's Inland Empire industrial region, are also to be commended for their
efforts on these transactions."
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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fax, 800-758-5804, ext. 671475
CONTACT:
Cindy L. Smith, Investor Relations of Pacific
Gulf Properties Inc., 949-223-5000
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