NEWPORT BEACH, Calif., Nov. 3 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG) has leased 45% of its recently completed 209,000 square foot
industrial property, Pacific Gulf Business Park, in Lake Forest, Calif., to 12
tenants.  In addition, there are leases out for signature on another 3% of the
project.
    "Given the strong interest in our newly developed business park from
prospective tenants, the company believes the project will be in excess of 50%
leased within the next 30 days," said J.R. Wetzel, Pacific Gulf's executive
vice president of operations.
    Completion of Pacific Gulf Business Park's sister property in Lake Forest,
the 228,000 square foot Pacific Gulf Spectrum Centre, is anticipated for
January 1999.
    Pacific Gulf Properties is a real estate investment trust 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 67 properties encompassing more than
14 million square feet of space.  Pacific Gulf also maintains a smaller
multifamily portfolio that includes eight rental communities comprising 1,438
units designed for the burgeoning population of active seniors age 55 and
older.  The company is headquartered in Newport Beach, Calif.
    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.

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