Pacific Gulf Buys Site Near Seattle
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NEWPORT BEACH — Pacific Gulf Properties Inc. said Thursday it has acquired a 200,400-square-foot industrial building in the Seattle area from Principal Financial Group for $9.45 million. The fully leased building, situated on 10.5 acres in Algona, Wash., was designed as an industrial distribution/manufacturing facility.
Pacific Gulf, a real estate investment trust, said the purchase increases its Seattle-area portfolio to five projects totaling more than 861,000 square feet. The purchase will be funded by proceeds from a recent equity offering.
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