Pacific Gulf Closes Initial Sale of Industrial Properties to CalWest

NEWPORT BEACH, CA-Pacific Gulf Properties announced the initial closing Monday of the sale of 66 industrial properties in its portfolio to CalWest Industrial Properties LLC. The aggregate price for the portfolio is $853 million.

Earlier this month the real estate investment trust’s shareholders voted at a special meeting to approve this sale as part of its total dissolution and liquidation plan. There remain five more industrial properties that may require remediation or other actions by third parties before either being sold or deleted from the deal with CalWest. One property has previously been deleted from the transaction.

Five of the REIT’s traditional apartment properties from its multifamily portfolio sold on November 16 for $38.2 million. The sale of three more traditional multifamily properties is pending for a purchase price of $46 million. However, those sales are subject to numerous conditions, so there is no guarantee that the deal will close.

Currently, there are no definitive deals to sell off the remainder of the REIT’s assets, including six active senior multifamily properties consisting of 1,294 units and another 1,202 under development.