The acquisitions included the Pacific Gulf Industrial Center on 16th Ave., and Pacific Gulf Airport 200 on S 200th (Seattle); the Pacific Gulf Business Park on Strander Blvd. (Tukwila); the Pacific Gulf Distribution Center on Milwaukee Ave N. (Algona); and, the Pacific Gulf Renton Center on SW Lind Ave. (Renton). Pacific Gulf Properties is selling nearly its entire portfolio of industrial sites in CA, NV, OR and WA to CalWest. Shareholder approval of the sale of Pacific's assets came last month, in line with the Newport, CA-based REIT's anticipated dissolution.
CalWest's purchase of the Pacific's properties comes on the heels of its purchase of Spieker Properties' Seattle-area industrial holdings in August. CalWest purchased 14 properties from Spieker for a reported $193 million. Together, CalWest has fattened its Northwest portfolio by more than $1 billion in the recent past.
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