"Basically, if you look at where stock has beentrading until nowand the assets were around $28-$29 a share, the company decided torealize the value of the assets. Most of Wall Street thought it wasgood for the investors so they looked upon it positively," saidBear Stearns analyst Ross L. Smotrich.

The buyer, CalWest Industrial Properties has complete duediligence on at least 66 of PAG's industrial properties totaling13.6 million sf, which are expected to be part of the final sale,according to an October 23 liquidation report from Bear Stearns.Price for those properties is estimated to be $847.5 million orabout $526 million after debt, fees and other price adjustments aremade.

Another six industrial properties are valued at $80.3 million,or $73 million after debt, fees and price adjustments--part of theoriginalagreement has been delayed for remediation or furtherreview.