BINGHAM FARMS, Mich., Feb. 17 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced that it has completed the sale of a shopping center
and a parcel of vacant land.
The 96,268 square-foot shopping center is located in Fairview Heights,
Illinois, east of St. Louis. The vacant land parcel is located in Lawrence,
Kansas. Net cash proceeds to Malan from the two transactions were
approximately $2.9 million.
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. In August 2002, the
company's shareholders approved a plan of complete liquidation. The company
owns a portfolio of 26 properties located in eight states that contains an
aggregate of approximately 2.1 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 the plan of liquidation, expenses incurred
during the liquidation period, the company's ability to retire or refinance
its indebtedness as it comes due, its success in selling assets, the changing
market conditions affecting the sale prices of its properties, the
disproportionate effect of changes in proceeds from property sales on
liquidating distributions due to the company's capital structure, economic
downturns, leasing activities, bankruptcies and other financial difficulties
of tenants, the cost of addressing environmental concerns, unforeseen
contingent liabilities, other risks associated with the commercial real-estate
business, and other concerns as detailed in the company's filings from time to
time with the Securities and Exchange Commission.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or in the Company News section on the PR
Newswire Web site at http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
John Roberson, Media Relations of Malan
Realty Investors, Inc., +1-248-644-7110, or Fred Nachman of
Marjan Communications Inc., +1-312-867-1771
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