Pacific Gulf Sells Industrial Sites
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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 said its sagging stock price had made it increasingly difficult to borrow money. The stock, which traded at nearly $28 a share last August, closed Wednesday at $5.40, off 3 cents a share, on the New York Stock Exchange.
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