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CalWest Industrial Properties Gains Major Presence in Puget Sound

SEATTLE, WA-In the last two quarters, the joint venture LLC of RREEF Funds and CalPERS has acquired over $1 billion in Puget Sound properties. Its holdings include nearly the entire portfolio of Pacific Gulf Properties, which is gearing up for dissolution.

By Janet Parker | Updated on December 04, 2000

SEATTLE, WA-CalWest Industrial Properties LLC acquired six Puget Sound industrial properties totaling 1.19 million sf from Pacific Gulf Properties Inc. According to King County property records, the joint venture of San-Francisco based RREEF Funds and CalPERS closed on the transaction within the last month. Real estate sources say the aggregate sales price was $875 million.

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.

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