NEWPORT BEACH, Calif., Aug. 25 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG), an equity real estate investment trust (REIT) that owns,
develops and manages industrial and multifamily properties, including rental
housing for 'active seniors,' announced today that it has entered into
agreements to sell 1,139 units at seven of the Company's traditional
multi-family properties to three unrelated buyers for a total value of
approximately $92.9 million. Under the terms of the agreements, subject to
remaining due diligence and financing matters, the price will be comprised of
total cash payments of $61.2 million, the repayment of approximately
$11.3 million of debt and the assumption of approximately $20.4 million of
debt.
Pacific Gulf Properties continues to market for sale the Company's
remaining three traditional multi-family apartment properties, which contain
an aggregate of 492 units.
Pacific Gulf Properties is a real estate investment trust (REIT) that
owns, develops and manages a portfolio of industrial properties targeting
small to mid-size tenants in selected high-growth U.S. western markets. The
Company's industrial portfolio is comprised of 72 properties encompassing more
than 14.9 million square feet of space. Pacific Gulf also maintains a
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. For
more information please visit the Company's web site, http://www.pacificgulf.com.
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.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
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 of
Pacific Gulf Properties Inc., 949-223-5000; or Victoria J. Baker,
General Information, 703-370-8652, for Pacific Gulf Properties
Inc.
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