Before this latest withdrawal, one other industrial property had been deleted from the sale to CalWest and two others had been withheld for possible additional remediation. Those two properties may eventually be sold to CalWest or also deleted from the sale.
Additionally, the REIT has sold one of its two remaining traditional multifamily apartment properties. Located in West Covina, the 250-unit complex had been producing $9.5 million in net cash proceeds to the company after repayment of debt and expenses.
Late last month Pacific Gulf announced the closing of its sale of 66 industrial properties to CalWest for an estimated $853 million. The REIT still has six active senior multifamily properties in its portfolio to be sold off. Those properties consist of a combined 1,294 units with another 1,202 units currently under development.
On December 15 the REIT paid out a special cash distribution of $22 a share in what chairman and CEO Glenn Carpenter characterized at the time as "the first of what we expect to be a series of special distributions of proceeds from the sales of the company's properties."
Traded on the New York Stock Exchange, Pacific Gulf's stock price was down 19 cents to close at $5.94 on Tuesday.
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