NEWPORT BEACH, Calif., Sept. 22 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) has sold Lora Lake Apartments, a 234-unit multifamily
property located in Burien, Wash., to the Port of Seattle.  Terms of the sale
were not disclosed.
    "The sale of Lora Lake marks the first of several potential property
divestitures that we are contemplating in our multifamily rental portfolio,"
said Glenn L. Carpenter, chairman of the board and chief executive officer.
"Pacific Gulf's business strategy is to concentrate our efforts primarily on
industrial business parks, and secondly on rental communities for active
seniors age 55 and over.  While the sale of this property was a consequence of
the Port of Seattle's expansion, it furthers our plan nicely and will provide
capital for growth in other property segments that are more attractive to us
at this time."
    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 67 properties encompassing more than
14 million square feet of space.  Pacific Gulf also maintains a smaller
multifamily portfolio that includes eight rental communities comprising 1,438
units designed for the burgeoning population of active seniors age 55 and
older.  The company is headquartered in Newport Beach, Calif.
    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.

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