NEWPORT BEACH, Calif., Dec. 18 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced the sale of 874,317 shares of Common Stock on
December 18, 1997 at a price of $22.875 per share.  Net proceeds of
approximately $19,000,000 will be used to repay certain indebtedness, fund
acquisitions, and for general corporate purposes.
    Prudential Securities Incorporated served as underwriter for the offering.
It is anticipated that the shares will be deposited by Prudential Securities
Incorporated with a registered unit investment trust comprised of a number of
other publicly traded real estate investment trusts.  The transaction is
scheduled to close on December 23, 1997.
    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 in selected markets within
the western United States.

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