Pacific Gulf Buys Firm

NEWPORT BEACH —  Pacific Gulf Properties Inc. has purchased a seven-building Upland industrial park for $5.2 million, extending a $340-million property-buying spree last year.

Mountain Avenue Business Park, a 140,000-square-foot complex that is 98% occupied, was bought from Meyer Asset Management, Pacific Gulf said. It is near several other properties the company owns in the west end of San Bernardino County.

Pacific Gulf, an expanding Newport Beach-based real estate investment trust, owns more than 50 industrial properties totaling 12 million square feet. That is up from 12 properties and 4.9 million square feet at the end of 1996.