Shareholders OK Sale of Pacific Gulf Properties

Shareholders of Pacific Gulf Properties Inc. have approved the Newport Beach company’s acquisition by an affiliate of Prudential Insurance Co. of America, Pacific Gulf said Wednesday.

The Newport Beach company, which has been selling its holdings since early last summer, said in March that Prudential’s FountainGlen Properties LLC would pay $78 million in cash and assume $65 million in Pacific Gulf debts.

The transaction is scheduled to close Tuesday. Pacific Gulf plans to transfer cash and its two remaining industrial properties to a liquidating trust. In November, shareholders approved a plan to dissolve the investment trust.