NEWPORT BEACH, Calif., Dec. 29 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced that it has acquired four industrial properties in
Southern California for a total purchase price of $23,500,000 from
Northwestern Mutual Life. The properties contain a total of approximately
618,000 square feet, and are located in Los Angeles and Orange Counties.
Miraloma Industrial Center, located in Anaheim, California, is a 91,000
square foot corporate headquarters facility which is 100% occupied is a
concrete tilt-up building which was constructed in 1980, and provides dock
high and ground level loading.
Montebello Commerce Center, located in Montebello, Los Angeles County,
California, consists of three concrete tilt-up buildings containing
approximately 143,000 square feet. Built in 1985, Montebello Commerce Center
offers warehouse and distribution space with both dock high and ground level
loading
Alondra Distribution Center, located in Cerritos, California, was also
built in 1985 and consists of three freestanding concrete tilt-up buildings
containing approximately 214,000 square feet. Alondra Distribution Center was
95% occupied at close of escrow.
Irvine East Business Center in Irvine, California includes eight
freestanding, concrete tilt-up buildings containing approximately 170,000
square feet. Built in 1979, Irvine East Business Center is a multi tenant
business park located at the entrance to the Irvine Spectrum and near the
Company's proposed business park. At close of escrow, this property was 98%
occupied.
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:
Glenn L. Carpenter, Chief Executive Officer
of Pacific Gulf Properties, Inc., 714-223-5000
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