NEWPORT BEACH, Calif., March 16 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today that it has purchased a 168,000 square foot
distribution facility in Garden Grove, California for $9,000,000 from
Northwestern Mutual Life, completing a portfolio purchase announced in
December 1997. Pacific Gulf acquired this property using a DownREIT
structure, marking its fourth transaction of this type.
Built in 1979, this distribution facility offers dock high and ground
level loading, along with concrete tilt-up construction and ample clear
height. The property is located across the street from one of the Company's
existing industrial properties, and was 100% occupied at close of escrow.
Glenn L. Carpenter, Chairman of the Board and Chief Executive Officer,
stated that the Company is very pleased with the portfolio purchased from
Northwestern Mutual Life, noting that this final acquisition completes the
total addition of 787,000 square feet from Northwestern Mutual Life.
Carpenter also stated that using the DownREIT method allows the seller to
defer income taxes; Pacific Gulf plans to use this method of acquiring
property more in the near future.
With the completion of this acquisition, Pacific Gulf now owns
approximately 2,200,000 square feet in Orange County and a total of 12,100,000
square feet in its entire portfolio of industrial properties.
Pacific Gulf Properties Inc., a self-administered and self-managed equity
real estate investment trust, owns, operates, leases, acquires, rehabilitates
and develops industrial and multifamily properties located in selected markets
within the western United States.
SOURCE Pacific Gulf Properties Inc.
 back to top
CONTACT:
Cindy L. Smith, Investor Relations of Pacific
Gulf Properties Inc., 714-223-5000 or 800-PGP-1909
|
