Pacific Gulf Properties Inc. Announces Significant Industrial Lease Deals in California

Pacific Gulf Properties Inc., a leading equity real estate investment trust, has announced two major industrial lease agreements in California, valued at approximately $7 million. The company has secured a seven-year lease with AGA Warehouse Company at its Eden Rock #10 property in Hayward, California, and renewed a lease with Pioneer Electronics Technology, Inc. at its Chino, California property. These deals demonstrate Pacific Gulf's continued growth in the California industrial market and its commitment to providing high-quality properties for its tenants.

Key Takeaways:

• Pacific Gulf Properties Inc. has entered into a seven-year lease with AGA Warehouse Company at its Eden Rock #10 property in Hayward, California, valued at approximately $5.2 million.
• AGA Warehouse Company will occupy approximately 45% of the 149,000 square foot property, which is now 100% leased.
• The company has also renewed a three-year lease with Pioneer Electronics Technology, Inc. at its 302,000 square foot property in Chino, California, valued at approximately $1.8 million.
• AGA Warehouse Company is a firm specializing in public warehousing, and the transaction represents the largest industrial lease year-to-date in the city of Hayward, according to J.R. Wetzel, Executive Vice President of Operations for Pacific Gulf.
• Mike Kamm, Steve Kapp, and Jim Kovaleski of BT Commercial represented Pacific Gulf in the transaction, while Casey Rickson of Colliers-Parrish represented AGA.
• Pacific Gulf's industrial team, led by Bob Dewey, Senior Vice President, did an outstanding job during negotiations and completion of both leases, according to Wetzel.

Statistics:

• $7 million: Total value of the two industrial lease agreements
• $5.2 million: Value of the AGA Warehouse Company lease at Eden Rock #10 property
• Approx. 149,000 square feet: Size of the Eden Rock #10 property leased to AGA Warehouse Company
• Approx. 45%: Percentage of the Eden Rock #10 property occupied by AGA Warehouse Company
• $1.8 million: Value of the Pioneer Electronics Technology, Inc. lease at Chino, California property
• Approx. 55%: Percentage of the Chino property occupied by Pioneer Electronics Technology, Inc.
• 302,000 square feet: Size of the Chino, California property leased to Pioneer Electronics Technology, Inc.

Sources:

• "Pacific Gulf Properties Inc. Announces Significant Industrial Lease Deals in California" (July 7, 1998)
• PRNewswire, cited in the original source