The 228,510-sf 11-building complex was built in 1983 and sits on12 acres at Northeast 79th and Airport Road. PGP real estatedirector Mike Sedwick was unavailable for comment on currenttenants and vacancies.

The price of the overall sale - which includes 72 propertiesencompassing a total space of over 15 million leasable sf inCalifornia, Washington, Nevada, Arizona, and Oregon - includes cashvalue as well as the assumption of about $117 million of debt byCalWest - a joint venture between CalPERS, the California PublicEmployees Retirement System, and RREEF, a commercial real estateinvestment advisor.

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