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Shareholders Approve Sale of Pacific Gulf's Remaining Portfolio and Assets

ORANGE COUNTY, CA-Holders of Pacific Gulf Properties common and preferred stock gave a thumbs up Thursday to selling the REIT's industrial and multifamily portfolios, as well as its remaining assets.

By Joel Cone | Updated on November 10, 2000

ORANGE COUNTY, CA-A needed majority of outstanding common and preferred shareholders gave the go-ahead Thursday to Pacific Gulf Properties to sell off the REIT’s industrial portfolio to CalWest Industrial Properties.

At a special shareholders meeting held at PAG’s headquarters in Newport Beach, shareholders voted to approve the deal to sell 72 properties comprising 14.9 million-sf of industrial space. The sale is expected to close later this month for an aggregate price of $856.9 million. However, excluded from the deal is one property that had been previously deleted from the transaction, and four other properties that may require additional remediation before they are either sold or deleted.

“We are extremely pleased that our shareholders have supported the determination by our management and board of directors that these transactions present the best opportunity in today’s market environment to maximize value for our investors,” says Chairman and CEO Glenn Carpenter.

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