NEWPORT BEACH, Calif., Jan. 22 /PRNewswire/ -- Adding to its expanding
portfolio in Southern California, Pacific Gulf Properties Inc. (NYSE: PAG)
announced its second acquisition from Meyer Asset Management. The Company
purchased a 140,000 square foot industrial park located in Upland, California
for a total purchase price of $5,200,000. Mountain Avenue Business Park,
located in the County of San Bernardino, is situated near other properties in
Pacific Gulf's portfolio.
Mountain Avenue Business Park consists of seven freestanding concrete
tilt-up buildings which offer suite sizes ranging from approximately 1,500 to
19,000 square feet. At close of escrow, the property was 98% occupied.
Glenn L. Carpenter, Chairman of the Board and Chief Executive Officer,
stated that Mountain Avenue Business Park fits well into Pacific Gulf's
strategy of dealing with the small to mid-size tenant and creating a niche
within a submarket. According to Carpenter, this project will strengthen
Pacific Gulf's presence in the Upland/Ontario submarket, and offers income
upside in the near future.
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:
Cindy L. Smith, Investor Relations of Pacific
Gulf Properties Inc., 714-223-5000
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