BINGHAM FARMS, Mich., May 5 /PRNewswire/ -- Malan Realty Investors, Inc.
(NYSE: MAL), a self-administered real estate investment trust (REIT), today
announced it has signed a real-property purchase agreement to sell a shopping
center in Manchester, Missouri, a suburb of St. Louis. The acquirer of the
property was not disclosed.
The 117,000 square-foot property is anchored by Kloss Furniture and is
currently 97 percent occupied. Malan reported the purchase price at
$6.8 million. The sale, which is subject to normal contingencies, is
projected to result in net proceeds of about $5.0 million after payment of
debt and transaction fees.
"Several options for the proceeds of this sale, which will strengthen
Malan's financial position, include buying back common stock and subordinated
debentures and other corporate uses," said Anthony S. Gramer, president and
chief executive officer of Malan Realty Investors. "We will continue to
assess the portfolio for other properties that may provide us the opportunity
to re-deploy capital in the future."
Malan Realty Investors, Inc. owns, acquires, redevelops and manages
properties that are leased primarily to national and regional retail
companies. The company owns a portfolio of 65 properties located in 9 states
that contains an aggregate of approximately 6.0 million square feet of GLA.
Safe Harbor Statement: Certain statements in this release regarding
anticipated operating results are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Although the
company believes the statements and projections are based upon reasonable
assumptions, actual results may differ from those projected. Key factors that
could cause actual results to differ materially include economic downturns,
successful and timely completion of acquisitions, renovations and development
programs, leasing activities and other risks associated with the commercial
real estate business, and 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 through Company News On-Call by fax at
800-758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
 back to top
Related links:
http://www.malanreit.com
Company News On-Call:
http://www.prnewswire.com/comp/114165.html or fax,
800-758-5804, ext. 114165
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, Inc., 248-644-7110, or Fred Nachman of Marjan
Communications Inc., 312-867-1771, for Malan Realty Investors,
Inc.
|
