BINGHAM FARMS, Mich., Aug. 20 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced that it has closed on the sales of three properties.
The properties, consisting of 357,000 square feet of gross leasable area,
are a Kmart store in Franklin Park, Illinois; the Cinemark Melrose Park
Theater in Melrose Park, Illinois; and the Clifty Crossing Shopping Center in
Columbus, Indiana. Proceeds from the sales of $15.3 million after expenses
were used to pay down $3.2 million of debt. The company anticipates using the
balance of the funds to pay down additional debt, fund a required distribution
to shareholders and for general working capital purposes. Malan also has
another six properties and one vacant land parcel under contract for sale and
one additional property under letter of intent.
"We are pleased with the continued progress in the disposition of our
properties and the efforts of George Good and the rest of the CB Richard Ellis
team in moving along the process," said Malan CEO and President Jeffrey D.
Lewis.
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 36 properties located in eight states that contains an
aggregate of approximately 3.2 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, changing market conditions affecting the sales
price of the company's properties, the disproportionate effect of changes in
proceeds from property sales on liquidating distributions due to the company's
capital structure, the cost of litigation in which the company is involved,
bankruptcies and other financial difficulties of tenants, the cost of
addressing environmental concerns, unforeseen contingent liabilities, 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 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:
Elliott J. Broderick, Chief Financial Officer
of Malan Realty Investors, +1-248-644-7110, or Fred Nachman of
Marjan Communications Inc., +1-312-867-1771
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