Pac Gulf Bids 'Farewell' to One More

LOS ANGELES-An affiliate of Westcore Industrial Properties has paid $18 million for the 409,000-sf Pacific Gulf Distribution Center in City of Industry, setting one of the final milestones in the life of what was once perhaps the Southland’s most popular REIT.

The three-building warehouse and distribution complex stands in the 16000 block of East Gale Avenue, about five miles east of Downtown, and was sold by Pacific Gulf Properties Liquidating Trust. The trust was formed several months ago to help Newport Beach-based REIT Pacific Gulf Properties officially “and voluntarily” go out of business.

While executives at several real estate investment trusts across the US have recently been blasted by analysts and shareholders alike for failing to sell their properties as the market appeared to peak, Pacific Gulf’s management decided more than a year ago to begin liquidating most of the company’s holdings in an effort to create more value for its stockholders.