NEWPORT BEACH, Calif., March 26 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today its acquisition of two Southern California
industrial properties containing approximately 201,000 square feet, for a
total purchase price of $12,000,000. The addition of Los Alamitos Business
Park and Walnut Avenue Business Park, purchased from Bixby Land Company,
demonstrates Pacific Gulf's continuing strategy to increase its industrial
portfolio in sub-markets where the Company has existing product and management
personnel in place.
Los Alamitos Business Park, containing approximately 125,000 square feet,
offers a variety of suite sizes ranging from 600 to 4,500 square feet, which
appeal to local service and light industrial-type users. The project consists
of nine freestanding, concrete tilt-up buildings with ground level truck
access. Built in 1975, Los Alamitos Business Park is well-located at the
corner of Los Alamitos Boulevard and Cerritos Avenue and at the close of
escrow, was 99% occupied.
Located in Signal Hill, California, just west of the Long Beach Airport,
Walnut Avenue Business Park consists of eight freestanding, concrete tilt-up
buildings constructed in 1990. Consisting of approximately 76,000 total
square feet, Walnut Avenue Business Park also offers ground level truck
access, as well as suite sizes ranging from 800 to 12,000 square feet, once
again, to fit the needs of the light industrial user. At close of escrow,
this project was 97% occupied.
With the addition of these properties, Pacific Gulf's total industrial
portfolio has grown to approximately 12,300,000 square feet in 61 properties.
The Company's Orange County industrial portfolio now boasts approximately
2,300,000 square feet in 17 properties, while its Los Angeles industrial
portfolio contains a total of approximately 2,000,000 square feet in nine
properties. (The Company's remaining industrial properties are located in
Northern California, the state of Washington, and Las Vegas, Nevada.)
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.
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CONTACT:
Cindy L. Smith, Investor Relations of Pacific
Gulf Properties Inc., 714-223-5000
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
671475
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