BINGHAM FARMS, Mich., Oct. 30 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced that it had entered into an exclusive sales listing
agreement for its properties with CB Richard Ellis, Inc. (CBRE), a leading
national real estate brokerage firm.
The agreement with CBRE runs through October 31, 2003 and provides for
fixed fees based upon estimated sale prices. The agreement also allows for
payment of commissions to cooperating brokers. Certain sales transactions
currently in negotiation by Malan are excluded from the agreement.
"We are extremely pleased to add CB Richard Ellis to our team," said Malan
President and Chief Executive Officer Jeffrey Lewis. "We believe that CBRE
will play a key role in the execution of our liquidation strategy by providing
extensive exposure of our properties to a wide variety of purchasers."
Malan also announced that Chicago-based Cohen Financial would continue to
provide services for the financing and refinancing of Malan's properties.
Headquartered in Los Angeles, CB Richard Ellis is the largest commercial
real estate services company in the world. The listing for Malan will be
serviced by CBRE's Shopping Center Investment Team based in its Rosemont,
Illinois office. Information regarding Malan's properties can be obtained by
contacting George Good, senior vice president, 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 52 properties located in nine states that contains an aggregate
of approximately 4.6 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, the cost of litigation in which the company is involved,
the costs of liquidation, 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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