Company's Traditional Multifamily Apartments in Process of Sale
NEWPORT BEACH, Calif., Nov. 27 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today the initial closing of the Company's sale of
its industrial properties portfolio to CalWest Industrial Properties, LLC.
The initial closing is comprised of 66 industrial properties for an aggregate
price of approximately $853 million. Five other industrial properties may
require additional remediation or actions by third parties before sale or may
be deleted from the sale to CalWest. One industrial property was previously
deleted from the transaction.
On November 16, 2000 Pacific Gulf Properties closed on the sale of five of
the Company's traditional multifamily apartment properties, receiving an
aggregate price of approximately $38.2 million. The Company has pending sales
for its three remaining traditional multifamily apartment properties for an
aggregate purchase price of approximately $46.0 million, although such
transactions remain subject to several conditions and there can be no
assurance that they will close. To date the Company has not entered into any
definitive agreements for the sale of its remaining assets, which include six
active senior multifamily properties comprising 1,294 units, and an additional
1,202 units under development at six active senior multifamily sites.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
currently is in the process of liquidating its assets. The company is
headquartered in Newport Beach, California. For more information please visit
http://www.pacificgulf.com.
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.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
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
Inc.
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