NEWPORT BEACH, Calif., Dec. 20 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today the acquisition of 6.12 acres for $1,550,000
in Renton, Washington from Powell Development Company. The Company plans to
develop approximately 107,000 square feet of industrial space on the acreage
which will accommodate tenants in the size range of 10,600 to 23,000 square
feet.
The Company plans to start construction in the first quarter of 2000, with
anticipated completion to occur within the third quarter of the year 2000.
According to Pacific Gulf Properties' Chairman and Chief Executive Officer,
Glenn L. Carpenter, "The Renton, Washington project is a fundamental part of
the Company's strategy to develop industrial facilities in targeted markets
geared specifically to small to mid-sized tenants. With this project we also
anticipate offering expansion space for current growing tenants in the Seattle
area."
Located in the Renton, Washington area, the project provides access to
major thoroughfares throughout the greater Seattle metropolitan area.
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 73 properties encompassing
more than 15.4 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 1998, Form 10-Q, filed in November of 1998, and Form 8-K, filed in
December of 1998. 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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http://www.prnewswire.com/comp/671475.html or fax,
800-755804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer of
Pacific Gulf Properties Inc., 949-223-5000; or General
Information, Victoria J. Baker of Victoria Baker Consulting,
703-370-8652, for Pacific Gulf Properties Inc.
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