Business Park Sold
NEWPORT BEACH — Pacific Gulf Properties Inc., the Newport Beach real estate investment trust, has purchased a Garden Grove business park for $6.8 million.
The Hoover Street Business Park, built in 1986, was purchased from a private investment group. Pacific Gulf plans to spend $500,000 to improve the center, which is only 70% occupied.
Formed in 1994, Pacific Gulf Properties specializes in apartment and industrial properties. The publicly traded company’s holdings are concentrated in Southern California and the Pacific Northwest.
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