REAL ESTATE

Santa Anita to Sell Stake in REIT: Santa Anita Realty Enterprises Inc., an Arcadia trust that owns the Santa Anita race track and shopping centers, said it will sell its 16.37% stake in Pacific Gulf Properties Inc., a Newport Beach real estate investment trust created by Santa Anita in 1994. Pacific Gulf, a publicly traded spinoff that took over apartments and industrial properties once owned by Santa Anita, has been on a buying spree, purchasing apartments and business parks in the Pacific Northwest, Southern California and Texas. Pacific Gulf went public in 1994 at $18.25 a share with a $71-million offering. The company’s stock closed Friday at $18 a share, down 25 cents a share, in American Stock Exchange trading.