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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 18, 1998
Commission File Number: 1-12546
PACIFIC GULF PROPERTIES INC.
(Exact name of Registrant as specified in its Charter)
MARYLAND 33-0577520
(State of Incorporation) (I.R.S. Employer Identification No.)
4220 VON KARMAN, 2ND FLOOR, NEWPORT BEACH, CALIFORNIA 92660-2002
(Address of principal executive offices, including zip code)
714-223-5000
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Pacific Gulf Properties Inc. (the "Company") completed the following property
acquisition:
Acquisition of Koll Industrial Portfolio
On June 18, 1998, the Company acquired four industrial properties located in
Orange County, California (collectively referred to as the "Koll Industrial
Portfolio") for a total consideration of $41,800,000. As a result of this
acquisition, the Company increased its industrial holdings in the Orange County
market from 2,821,000 to 3,517,000 leasable square feet. The properties
purchased were as follows:
<TABLE>
<CAPTION>
Property Name Location Leasable Square Feet Purchase Price
- ----------------------- ---------------------------------------------- ----------------------
<S> <C> <C> <C>
KBC Garden Grove Garden Grove, CA 208,000 $ 11,650,000
KBC Irvine Irvine, CA 129,000 11,200,000
KBC Tustin Tustin, CA 299,000 15,950,000
KBC-KW Tustin, CA 60,000 3,000,000
--------- -------------
696,000 $ 41,800,000
========= =============
</TABLE>
The Company completed the acquisition of the Koll Industrial Portfolio from
entities controlled by The Koll Company, a real estate developer. The seller
entities were as follows: KBD Partners, Garden Grove Associates, Fagerhom Family
Partners, L.P., Koll Tustin Business Center Ltd., and Koll-KW, Ltd.. The Company
plans to spend an aggregate of $721,000 for capital improvements related to
these properties. In connection with the acquisition, the Company assumed
existing mortgage indebtedness totaling $2,428,000 secured by the KBC - Garden
Grove property and utilized borrowings from its revolving line of credit to fund
the remainder of the purchase price.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
None.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNT
None.
ITEM 5. OTHER EVENTS
None.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
None.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Pro forma and audited financial statements will be filed as an amendment to
this Form 8-K within sixty (60) days of the filing of this report.
ITEM 8. CHANGES IN FISCAL YEAR
None.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PACIFIC GULF PROPERTIES INC.
/s/ Donald G. Herrman
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Donald G. Herrman
Executive Vice President,
Chief Financial Officer and Secretary
Dated: July 2, 1998
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