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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
DECEMBER 21, 2000
PACIFIC GULF PROPERTIES INC. ANNOUNCES DELETION OF THREE
PROPERTIES FROM INDUSTRIAL PORTFOLIO SALE
NEWPORT BEACH, CA - December 21, 2000 - Pacific Gulf Properties Inc.
(NYSE: PAG) announced today the withdrawal of three properties from the sale of
the Company's industrial properties portfolio to CalWest Industrial Properties,
LLC. One other industrial property previously had been deleted from the sale to
CalWest. Two other industrial properties may require additional remediation by
the Company or actions by third parties before sale to CalWest or may eventually
be deleted from the sale. As previously disclosed, the Company intends to market
the withdrawn industrial properties for sale to other potential purchasers.
Pacific Gulf Properties also announced the close of sale of one of the
Company's two remaining traditional multifamily apartment properties. The sale
of the 250-unit property, located in West Covina, California, produced
approximately $9.5 million net cash proceeds to the Company after repayment of
debt and expenses.
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, prospect, expectations and financial trends that may affect the
Company's future distributions, plans of operations, business strategy, 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, future liabilities and other factors.
