Pacific Gulf Properties Inc., Newport Beach, was acquired by FountainGlen Properties LLC, a unit of Prudential Real Estate Investors, for $143 million in cash and debt acquisition.
The agreement provides that FountainGlen will acquire Pacific Gulf’s senior housing assets and its corporate office building and name. Pacific Gulf’s remaining conventional multifamily and industrial holdings will be placed in a liquidating trust for the benefit of shareholders.
The deal is subject to the approval of Pacific Gulf’s shareholders.
