BINGHAM FARMS, Mich., Jan. 7 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced it has completed the sale of five properties for
approximately $2.9 million.
The properties, located in Lincoln, Illinois and Arkansas City, Emporia,
Independence and Garden City, Kansas, total approximately 200,000 square feet
of gross leasable area. The transaction also includes an option to acquire
Malan's Hays, Kansas property for a set price on or before September 1, 2003.
The 40,050 square-foot property is currently leased to Orscheln Farm & Home
Supply.
"We are pleased with the progress made by this transaction, which involves
smaller properties most of which are far from our corporate headquarters, in
the liquidation of the company," said Malan President and Chief Executive
Officer Jeffrey Lewis. "Looking ahead, we expect that our sales activity will
remain strong during the first half of 2003."
The sale was brokered jointly by Cohen Financial and Kansas City,
Missouri-based R.H. Johnson Company. In October 2002, Malan hired CB Richard
Ellis, the world's largest commercial real estate services company, to market
substantially all of its remaining properties. Information regarding Malan's
properties can be obtained by contacting George Good, senior vice president of
CBRE's Shopping Center Investment Team based in suburban Chicago, at
(847) 518-2309.
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. The company owns a
portfolio of 47 properties located in nine states that contains an aggregate
of approximately 4.4 million square feet of gross leasable area.
Safe Harbor Statement: This news release may contain forward-looking
statements. Although the company believes that the statements and projections
are based on reasonable assumptions, actual results may differ from those
projected. Key factors that could cause actual results to differ materially
include uncertainties regarding the length of time required to sell the
company's properties and execute its plan of liquidation and expenses incurred
during the liquidation period, the cost of litigation in which the company is
involved, bankruptcies and other financial difficulties of tenants, including
the ultimate disposition of lease agreements with Kmart Corporation, the cost
of addressing environmental concerns, and other risks associated with the
commercial real estate business, as detailed in the company's filings from
time to time with the Securities and Exchange Commission. Many of these
factors are beyond the control of the company. Malan does not undertake to
update these forward-looking statements.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or through Company News On-Call by fax at
(800) 758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
Elliott J. Broderick, Chief Financial Officer
of Malan Realty Investors, Inc., +1-248-644-7110, or Fred Nachman
of Marjan Communications Inc., +1-312-867-1771
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