The 228,510-sf 11-building complex was built in 1983 and sits on 12 acres at Northeast 79th and Airport Road. PGP real estate director Mike Sedwick was unavailable for comment on current tenants and vacancies.

The price of the overall sale - which includes 72 properties encompassing a total space of over 15 million leasable sf in California, Washington, Nevada, Arizona, and Oregon - includes cash value as well as the assumption of about $117 million of debt by CalWest - a joint venture between CalPERS, the California Public Employees Retirement System, and RREEF, a commercial real estate investment advisor.

Newport Beach, Calif.-based PGP plans to repay another $206 million of debt out of the sale proceeds and distribute the net proceeds of the sale to its shareholders. PGP will continue managing the industrial portfolio on behalf of CalWest for up to two years going forward, with the portfolio's management team being folded up into a Taxable REIT Subsidiary.

The transaction has been approved by the board of directors of Pacific Gulf and the investment committees of CalPERS and RREEF, and is expected to close in the fall of 2000, subject to the approval of Pacific Gulf shareholders.

PGP is also currently in negotiation for the sale of their multifamily apartment portfolio which could fetch as high a price as $130 million. If all of Pacific's industrial and multifamily properties are sold as per the company's plan, they plan to make a cash distribution of up to $26 to shareholders in the fourth quarter.