Newport Beach REIT Gets Big Credit Line : Acquisitions: Pacific Gulf Properties says it will use funds to buy property in Southern California, the Northwest and Texas.

Pacific Gulf Properties Inc., a real estate investment trust, has secured a $50-million credit line from Bank of America to buy new properties, including a 625,000-square-foot industrial center in Baldwin Park, officials said.

Funds from the three-year credit line will be used to purchase apartments and industrial properties in Southern California, the Pacific Northwest and Texas, company officials said.

“This enables us to embark immediately on our acquisition program,” said Glen Carpenter, chief executive officer with Pacific Gulf. “The bank saw there was value in our management team and in the quality of our portfolio.”

The Pacific Gulf REIT in Newport Beach is a spinoff of apartments and industrial property owned by Santa Anita Realty Enterprises Inc., an REIT based in Arcadia. The new REIT was an attempt by Santa Anita to reduce debt and increase value for shareholders.

Pacific Gulf currently owns 11 apartment complexes with 2,850 units and six industrial buildings totaling 1.4 million square feet of space.

The company went public Feb. 10 with a $121-million offering priced at $18.25 a share. Pacific’s stock was down 12.5 cents Monday, closing at $17 a share on the American Stock Exchange. A real estate investment trust raises money by selling stock to investors and then investing in real estate or mortgages. These securities’ higher rates of return of about 12% annually have attracted investors in recent years, according to Green St. Advisors, a Newport Beach company that researches REITs.