NEWPORT BEACH, Calif., Jan. 26 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced its acquisition of an approximate 125,000 square
foot multi tenant industrial park located in Chatsworth, California for a
total purchase price of $7,550,000. Acquired from Koll Cornerstone, Lurline
Industrial Park is located in the West San Fernando Valley, which opens a new
submarket for Pacific Gulf within Los Angeles County.
Glenn L. Carpenter, Chairman of the Board and Chief Executive Officer,
stated that Lurline Industrial Park consists of four freestanding buildings,
two of which are multi tenant buildings with units ranging from 2,500 to 9,800
square feet, and two single tenant buildings, approximately 32,000 and 10,000
square feet respectively. Constructed between 1976 and 1978, the four
concrete tilt-up style buildings offer clear heights between 14 and 18 feet as
well as ground level and truck well access. At close of escrow, the property
was 95% occupied.
Carpenter added that the Company has been reviewing acquisition
opportunities in this area, noting that he is pleased with its first purchase
in the San Fernando Valley.
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 for
Pacific Gulf Properties Inc., 714-223-5000, or 800-PGP-1909
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