Pacific Gulf Picks Up 5 More Properties
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NEWPORT BEACH — Continuing a deal-making spree, Pacific Gulf Properties Inc. said Monday that it has bought four more industrial properties and a 273-unit apartment complex.
The industrial buildings, purchased for $23.5 million from Northwestern Mutual Life Insurance Co., include the Miraloma Industrial Center building in Anaheim and Irvine East Business Center, an eight-building complex. Pacific Gulf also bought properties in Cerritos and Montebello.
The apartment complex, Tyler Springs in Riverside, is for active retirees. Pacific Gulf said it bought the complex from Spruce Grove Inc. for $13.4 million.
Pacific Gulf, a Newport Beach-based real estate investment trust, owns more than 9 million square feet of industrial buildings and 5,000 apartments. The publicly traded company recently sold more than $100 million in stock to help fund its acquisitions.
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