NEWPORT BEACH, Calif., Oct. 6 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG) has sold a 302,020 square-foot industrial facility for
$11.2 million to BIT Holdings Forty-Three, Inc. The facility is located in
Ontario, California.
Pacific Gulf Properties' Chairman of the Board and Chief Executive Officer
Glenn L. Carpenter said, "This sale is part of our company's ongoing strategy
to divest the portfolio of properties not fitting the core property type,
which is small to mid-sized industrial facilities. Our intention is to
reinvest the proceeds from this sale within 30 to 45 days in our core
industrial product type." Carpenter noted that this strategy should provide
future upside growth potential for the company.
Pacific Gulf Properties Inc. (NYSE: PAG) is a real estate investment trust
(REIT) 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 71 properties
encompassing more than 15.1 million square feet of space. Pacific Gulf
Properties Inc. also maintains a smaller multifamily portfolio that includes
eight rental communities comprising almost 1,500 units designed for the
burgeoning population of active seniors age 55 and older. The company is
headquartered in Newport Beach, California.
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. Please
refer to documents the company files from time to time with the Securities and
Exchange Commission, specifically the company's last filed Form 10-K, filed in
March of 1999, and Form 10-Q, filed in August of 1999. These documents
contain and identify important factors that could cause the actual results to
differ materially from those contained in any projections or forward-looking
statements contained in this press release.
SOURCE Pacific Gulf Properties Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer,
949-223-5000, or Victoria J. Baker, General Information,
703-370-8652, both of Pacific Gulf Properties Inc.
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