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Pac Gulf Pulls Trio of Properties from CalWest Sale

ORANGE COUNTY, CA-The liquidating REIT also sells one of its two remaining conventional apartment buildings.

By Joel Cone | Updated on December 27, 2000

NEWPORT BEACH, CA-Pacific Gulf Properties, the real estate investment trust whose shareholders approved the sell-off of its industrial and multifamily portfolios and dissolution of the company last month, has pulled three industrial properties from the sale to CalWest Industrial Properties LLC. The company intends to market the three withdrawn properties to other potential purchasers.

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.

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