Pacific Gulf Properties Inc. Announces Sale of Two Industrial Properties

Apr 04, 2001, 01:00 ET from Pacific Gulf Properties Inc.

    NEWPORT BEACH, Calif., April 4 /PRNewswire/ -- Pacific Gulf Properties
 Inc. (NYSE:   PAG) announced today the closing of the Company's sale of two of
 its remaining industrial properties to CalWest Industrial Properties, LLC.
 This sale represents the final closing under the Company's agreement with
 CalWest Industrial Properties, LLC.  The sale of the Mountain Avenue Business
 Park in Upland, California and the Geneva property in Tempe, Arizona produced
 approximately $9.7 million net cash proceeds to the Company after payment of
 costs 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.
 
     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 distributions, plans 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, future liabilities and other factors.
 
 

SOURCE Pacific Gulf Properties Inc.
    NEWPORT BEACH, Calif., April 4 /PRNewswire/ -- Pacific Gulf Properties
 Inc. (NYSE:   PAG) announced today the closing of the Company's sale of two of
 its remaining industrial properties to CalWest Industrial Properties, LLC.
 This sale represents the final closing under the Company's agreement with
 CalWest Industrial Properties, LLC.  The sale of the Mountain Avenue Business
 Park in Upland, California and the Geneva property in Tempe, Arizona produced
 approximately $9.7 million net cash proceeds to the Company after payment of
 costs 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.
 
     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 distributions, plans 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, future liabilities and other factors.
 
 SOURCE  Pacific Gulf Properties Inc.