3 Properties Withdrawn From Pacific Gulf Deal
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Pacific Gulf Properties Inc. said it has removed three properties from the sale of its industrial portfolio to CalWest Industrial Properties LLC.
At the time the Newport Beach firm closed its sale of 66 properties to CalWest for $853 million, Pacific Gulf said some properties may be deleted from the final sale.
The company said one property had been withdrawn and two others need remediation or actions by third parties before they can be sold. Pacific Gulf said it will market the properties for sale to other potential buyers.
Pacific Gulf also said it closed the sale of one of its two remaining multifamily apartment properties, producing net cash proceeds of $9.5 million.
The sales are part of an overall plan to dissolve the company.
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