NEWPORT BEACH, Calif., Aug. 5 /PRNewswire/ -- Moving forward with its
strategy to develop rental communities for active seniors age 55 and older,
Pacific Gulf Properties Inc. (NYSE: PAG) has purchased the second of six sites
it holds in escrow or under contract, consisting of 11.71 net acres located in
Temecula, California, for $2.4 million from Sterling USA Development. The
company plans to begin construction during the third quarter of 1999, with
completion expected during the summer of 2000.
"We continue to seek opportunities to grow our portfolio of active seniors
communities. This site fits well with our strategy in that it is conveniently
located near shopping and entertainment facilities, which are important to
active seniors when they select a place to live," said Glenn L. Carpenter,
chairman of the board and chief executive officer of Pacific Gulf Properties
Inc.
Centrally located recreation facilities will be available within the two
and three-story apartment community, featuring a pool and spa, game room,
library, and other amenities such as elevator access and on-site laundry
facilities.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) 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 is comprised of 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 1998, Form 10-Q, filed in November of 1998, and Form 8-K,
filed in December of 1998. 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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Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer,
949-223-5000, or Victoria J. Baker, General Information,
703-370-8652, both of Pacific Gulf Properties Inc.
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