NEWPORT BEACH, Calif., Dec. 20 /PRNewswire/ -- Glenn L. Carpenter,
Chairman of the Board, Chief Executive Officer and President of Pacific Gulf
Properties Inc. (NYSE: PAG) announced today the promotion of J.R. Wetzel, the
Company's Executive Vice President of Operations, to Chief Operating Officer,
effective January 1, 2000. As Chief Operating Officer, Wetzel will direct the
portfolio acquisition activities, in addition to his current responsibilities,
at the equity real estate investment trust (REIT). Wetzel also will retain
the title of Executive Vice President.
Said Mr. Carpenter, "The promotion of J. R. Wetzel to Executive Vice
President - Chief Operating Officer is recognition of the value and expertise
he has brought to this Company in the last year and one half. His knowledge
and experience will be of great benefit in directing the acquisitions
activities of the Company's growing portfolio of industrial facilities and
active seniors housing."
Mr. Wetzel's professional background includes extensive experience in site
acquisitions, development, design, construction management, asset management,
leasing and marketing within western U.S. real estate markets, including
northern and southern California. Mr. Wetzel joined Pacific Gulf Properties
in May 1998 as Executive Vice President of Operations. Previously, he was
Vice President, Development (western region) for Industrial Developments
International in Irvine, CA. Before that, he was an officer with the
Irvine-based O'Donnell Property Services and Insignia-O'Donnell, serving as
president and senior managing director, respectively.
Mr. Wetzel received a Master of Business Administration degree in Real
Estate Finance and Marketing from the University of Southern California (Los
Angeles) and a Bachelor of Arts in Economics from Claremont McKenna College
(Clarement, CA).
Pacific Gulf Properties Inc. is an equity 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
U.S. markets. The Company's industrial portfolio is currently 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 1999 and Form 10-Q, filed in November 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 of
Pacific Gulf Properties Inc., 949-223-5000; or Victoria J. Baker
of Victoria Baker Consulting, 703-370-8652, for Pacific Gulf
Properties Inc.
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