O.C. BUSINESS PLUS : ORANGE COUNTY BRIEFLY : Newport Beach Trust Buys Parcel in Arizona
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Pacific Gulf Properties Inc. said Monday it acquired a 68,134-square-foot distribution facility and three acres of vacant land in Tempe, Ariz., for $3.1 million.
The Newport Beach-based company, a real estate investment trust, said it plans to renovate the existing building and develop the land, which, when completed, would consist of an industrial facility of about 40,000 square feet.
The company expects construction to begin in the fourth quarter.
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