The sale of the property located at 611 Cerritos in Anaheim produced $6.1 million in net proceeds to the company after costs and expenses. Early last week the REIT announced the closing of two other industrial properties to CalWest Industrial Properties LLC, which paid $853 million for 66 of the REIT's industrial properties in its portfolio.

Some properties had previously been withdrawn from the sale to CalWest for remediation and potential sale to other buyers. The last of the REIT's traditional multifamily properties has also been sold.

Last month Pacific Gulf announced a $143-million merger with FountainGlen Properties LLC, an affiliate of Prudential Real Estate Investors, for the acquisition of the its senior housing assets and corporate headquarters building. The REIT's shareholders subsequently filed a class-action suit against the corporation claiming that the proposed consideration for the deal is inadequate.