Pacific Gulf Gets $5 Million in Stock Sale

Pacific Gulf Properties Inc., a real estate investment trust, completed the sale of 270,270 shares of convertible preferred stock to Five Arrows Realty Securities LLC for $5 million.

The transaction, amounting to $18.50 a share, is one of up to three sales of preferred stock that Pacific Gulf has agreed to sell to Five Arrows by the end of the year. In all, the Newport Beach investment trust agreed to sell 1,351,351 shares to Five Arrows.

Pacific Gulf expects to use the proceeds to repay some debt and to provide working capital.

Five Arrows is a private fund formed to invest in securities of real estate investment trusts and other property companies.