Pacific Gulf Sells 5 Apartment Properties
Pacific Gulf Properties Inc., a real estate investment trust, sold five multifamily apartment communities in Washington state for about $78.5 million as it exits that market to concentrate on industrial properties. Pacific Gulf, based in Newport Beach, sold the five apartment communities to a New York-based investor group. The company will use proceeds from the sale to buy seven industrial properties in California, Arizona and Oregon from Rreef Funds, a private real estate trust, for $76 million. The company also agreed to buy an additional property in Phoenix from Rreef Funds for $26.1 million. Pacific Gulf will determine within 90 days whether to complete the purchase of that property, Broadway Business Park. Pacific Gulf owns, develops and manages 74 industrial properties in the Western U.S. encompassing about 15.5 million square feet of space. Its shares rose 6 cents to close at $19.88 on the NYSE.