NEWPORT BEACH, Calif., Dec. 21 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today the withdrawal of three properties from the
sale of the Company's industrial properties portfolio to CalWest Industrial
Properties, LLC. One other industrial property previously had been deleted
from the sale to CalWest. Two other industrial properties may require
additional remediation by the Company or actions by third parties before sale
to CalWest or may eventually be deleted from the sale. As previously
disclosed, the Company intends to market the withdrawn industrial properties
for sale to other potential purchasers.
Pacific Gulf Properties also announced the close of sale of one of the
Company's two remaining traditional multifamily apartment properties. The
sale of the 250-unit property, located in West Covina, California, produced
approximately $9.5 million net cash proceeds to the Company after repayment of
debt and expenses.
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, prospect, expectations and financial trends that may
affect the Company's future distributions, plans of operations, business
strategy, 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, future
liabilities 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,
949-223-5000, or Victoria J. Baker, General Information,
703-370-8652, both of Pacific Gulf Properties Inc.
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