NEWPORT BEACH, Calif., Dec. 30 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today that the Company had acquired 4.8 acres in
Sacramento, California for $1,120,000 from Lucas Development. The Company
plans to construct 166 apartment units geared to active seniors aged 55 and
older. Construction is estimated to begin in the first quarter of 2000, with
an estimated completion date of summer 2001.
Said Pacific Gulf Properties' Chairman, Chief Executive Officer and
President Glenn L. Carpenter, "The acquisition in Sacramento is the third land
parcel the Company has acquired in the last six months for the development of
housing geared to active seniors. This particular facility will be part of a
campus housing concept, and accessible to Interstate 5 Freeway, less than
10 minutes from downtown Sacramento."
The campus concept also will include an assisted living project and a
possible Alzheimer's care facility. Pacific Gulf Properties will develop and
operate only the nonmedical, active seniors portion of the campus project.
Active seniors housing facilities are communities planned for individuals aged
55 and older with active lifestyles and interests.
The project is located off of Florin Road south of downtown Sacramento in
an area commonly known as the "pocket." The project will be designed with
features similar to the Company's Fountains at Rancho Santa Margarita, with
such amenities as laundry and recreation facilities, and outdoor pool and spa.
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 74 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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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 for Pacific Gulf Properties Inc.
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