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EXHIBIT 99.1
NEWS RE: PACIFIC GULF PROPERTIES INC.
BULLETIN 4220 VON KARMAN, 2ND FLOOR
NEWPORT BEACH, CA 92660-2002
TRADED NYSE: PAG
FOR FURTHER INFORMATION:
Donald G. Herrman Victoria J. Baker
Chief Financial Officer General Information
(949) 223-5000 (703) 370-8652
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FOR IMMEDIATE RELEASE
NOVEMBER 27, 2000
PACIFIC GULF PROPERTIES INC.
ANNOUNCES INITIAL CLOSING OF SALE OF INDUSTRIAL PORTFOLIO
-COMPANY'S TRADITIONAL MULTIFAMILY APARTMENTS IN PROCESS OF SALE
NEWPORT BEACH, CA - Nov. 27, 2000 - Pacific Gulf Properties Inc.
(NYSE:PAG) announced today the initial closing of the Company's sale of its
industrial properties portfolio to CalWest Industrial Properties, LLC. The
initial closing is comprised of 66 industrial properties for an aggregate price
of approximately $853 million. Five other industrial properties may require
additional remediation or actions by third parties before sale or may be deleted
from the sale to CalWest. One industrial property was previously deleted from
the transaction.
On November 16, 2000 Pacific Gulf Properties closed on the sale of five
of the Company's traditional multifamily apartment properties, receiving an
aggregate price of approximately $38.2 million. The Company has pending sales
for its three remaining traditional multifamily apartment properties for an
aggregate purchase price of approximately $46.0 million, although such
transactions remain subject to several conditions and there can be no assurance
that they will close. To date the Company has not entered into any definitive
agreements for the sale of its remaining assets, which include six active senior
multifamily properties comprising 1,294 units, and an additional 1,202 units
under development at six active senior multifamily sites.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT)
that currently is in the process of liquidating its assets. The company is
headquartered in Newport Beach, California. For more information please visit
www.pacificgulf.com.
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. Such statements relating to, among other things, events,
conditions, prospects and financial trends that may affect the company's future
plans of operations, business strategy, growth of operations and financial
position are not guarantees of future performance and are necessarily subject to
risks and uncertainties, some of which are significant in scope and nature,
including without limitation, increased competition, adverse economic trends,
increasing interest rates and other factors.
