Acquisition Completes Strategically Located Industrial Park
NEWPORT BEACH, Calif., Nov. 8 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG) announced that it closed escrow on a single-story,
80,000 square-foot industrial building in Las Vegas, NV for $3,525,000. The
facility is located at 4000 Harmon Avenue and is currently 100 percent
occupied.
The property is situated in the center of Valley View Industrial Park, an
existing Pacific Gulf Properties industrial project. When the transaction is
completed, Pacific Gulf will own the entire industrial park.
Valley View Industrial Park is located in close proximity to the Las Vegas
Strip (South Las Vegas Boulevard) and Las Vegas International Airport.
Because of its location and current level of occupancy, the Company
anticipates strong upside potential when releasing the facility.
Commenting on the transaction, Pacific Gulf Properties' Chairman of the
Board and Chief Executive Officer Glenn L. Carpenter said, "This acquisition
was an opportunity to add value to the Company's existing industrial project
in Las Vegas by forming one single industrial park in an advantageous
location. Because of the compelling demographics in this area, we anticipate
increasing demand for small to mid-sized industrial space."
According to the Las Vegas Chamber of Commerce, the Nevada labor force
increased by nearly 350,000 in the 1990s. More than half of the new companies
relocating to Las Vegas were involved in high-tech and manufacturing. Since
1990, Las Vegas has ranked first in high-tech job growth.(a)
Pacific Gulf Properties Inc. 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 is comprised of 72 properties encompassing
more than 15.5 million square feet of space. Pacific Gulf 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.
For further information contact:
Donald G. Herrman, Chief Financial Officer of Pacific Gulf Properties,
Inc., 949-223-5000; or Victoria J. Baker, General Information, 703-370-8652,
for Pacific Gulf Properties.
(a) Source: Las Vegas Chamber of Commerce
(http://www.lvchamber.com/travelgo/industry.html)
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 of
Pacific Gulf Properties, Inc., 949-223-5000; or Victoria J.
Baker, General Information, 703-370-8652, for Pacific Gulf
Properties
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