Pacific Gulf Properties Inc

Pacific Gulf Properties Inc. said it sold a 279-unit apartment property, Waterhouse Place Apartments, in Beaverton, Ore., to Bay Apartment Communities Inc. for $15.5 million. Pacific Gulf is a real estate investment trust.

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, said Friday that its acquisition by an affiliate of Prudential Insurance Co. of America for $78 million in cash was completed. Prudential's FountainGlen Properties LLC paid $3.1251 a share and also assumed $65 million in debt.

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, said Friday that its board declared a special liquidating cash distribution of $1.15 per share, payable June 20 to shareholders of record on June 18. The company said in a news release that the distribution consists of a portion of the proceeds from the sale of the company's assets under the liquidation plan shareholders approved in November.

Shareholders of Pacific Gulf Properties Inc. have approved the Newport Beach company's acquisition by an affiliate of Prudential Insurance Co. of America, Pacific Gulf said Wednesday. The Newport Beach company, which has been selling its holdings since early last summer, said in March that Prudential's FountainGlen Properties LLC would pay $78 million in cash and assume $65 million in Pacific Gulf debts. The transaction is scheduled to close Tuesday.

Directors of Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, raised the quarterly dividend to 43 cents a share from 42 cents, payable Jan. 8 to shareholders of record on Jan. 1 Pacific Gulf Properties owns, develops and manages industrial properties targeting small to midsize tenants in selected high-growth Western markets. The company's industrial portfolio includes 67 properties encompassing more than 14 million square feet of space.

Pacific Gulf Properties Inc., a publicly held real estate investment trust, has sold a 10-acre parcel and a 55,656-square-foot building in its Baldwin Park industrial park to the existing tenant. Terms weren't disclosed. The trust also paid $8.75 million to buy a 327,000-square-foot warehouse and distribution facility in Industry.

Newport Beach-based Pacific Gulf Properties Inc. said it purchased about 4.8 acres in Sacramento for about $1.1 million and plans to build 166 apartment units geared to tenants 55 and older. The property was acquired from Lucas Development. Pacific Gulf, a real estate investment trust, said it expects construction to begin in the next three months and to be completed in the summer of 2001.

Using cash from a recent $83-million stock offering, Pacific Gulf Properties Inc. this week acquired five more industrial properties, including two in Anaheim. Pacific Gulf said Wednesday it bought four complexes from KIP Properties for $57.6 million, including multi-building sites in Santa Clara, Sunnyvale and Sacramento, and Anaheim Commerce Park, an eight-building complex.

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, said Friday that its board declared a special liquidating cash distribution of $1.15 per share, payable June 20 to shareholders of record on June 18. The company said in a news release that the distribution consists of a portion of the proceeds from the sale of the company's assets under the liquidation plan shareholders approved in November.

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust that is liquidating most of its assets, said it has sold two industrial properties to CalWest Industrial Properties LLC for about $9.7 million. The latest sales involved the company's Mountain Avenue Business Park in Upland and a site in Tempe, Ariz. Last month, Pacific Gulf agreed to be acquired by an affiliate of Prudential Insurance Co. of America for $78 million in cash.

Pacific Gulf Properties Inc., a Newport Beach real-estate-investment trust, said Monday that a shareholder lawsuit has been filed to block the proposed $78-million cash acquisition of the company. The company said in a press release that the lawsuit, which seeks class-action status, alleges that directors breached their fiduciary duties by approving the sale to FountainGlen Properties LLC for inadequate consideration.

Pacific Gulf Properties Inc., which has been liquidating most of its assets, said it has sold its last multifamily apartment property, a 204-unit complex in Diamond Bar, for $10.9 million. Earlier this month, the Newport Beach real estate investment trust agreed to be acquired by an affiliate of Prudential Insurance Co. of America for $78 million in cash. At its peak in 1999, Pacific Gulf managed a $900-million portfolio that included about 3,000 family and senior apartment units.

Real estate investment trust Pacific Gulf Properties Inc., spurred by its low stock price to sell its properties, said Friday that it has agreed to be acquired by an affiliate of Prudential Insurance Co. of America for $78 million in cash. The Newport Beach company, which has been selling its holdings since early last summer, said Prudential's FountainGlen Properties also will assume $65 million in Pacific Gulf debts.

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust that is liquidating its assets, reported fourth-quarter profit of $224.6 million, or $8.94 a share, including a gain of $218.9 million on the sale of real estate. A year earlier, the company earned $9.3 million, or 44 cents a share. Revenue declined 32% to $21.8 million. For the year, net income climbed to $251.4 million, or $10.40 a share, from $34.9 million, or $1.71 a share, for 1999.

Pacific Gulf Properties Inc. said it has removed three properties from the sale of its industrial portfolio to CalWest Industrial Properties LLC. At the time the Newport Beach firm closed its sale of 66 properties to CalWest for $853 million, Pacific Gulf said some properties may be deleted from the final sale. The company said one property had been withdrawn and two others need remediation or actions by third parties before they can be sold.