BINGHAM FARMS, Mich., Nov. 19 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), announced that it has completed the sale of the Cinemark Tinseltown
USA cinema complex in North Aurora, Illinois. Terms of the sale included
assumption by the purchaser of the existing mortgage with Bank of America of
$5.3 million. Net cash proceeds to Malan after expenses were approximately
$731,000.
The 60,560 square-foot, 17-screen theater complex opened in September
1998. The property is on the site of a former Kmart shopping center, which
Malan developed in 1967.
"We are very pleased to complete the sale of this property," said Malan
President and CEO Jeffrey Lewis. "Malan continues to reduce the number of
properties and the amount of debt outstanding in accordance with the plan of
liquidation."
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 29 properties located in eight states that contains an
aggregate of approximately 2.4 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, 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:
John Roberson, Media Relations of Malan
Realty Investors, +1-248-644-7110, or Fred Nachman of Marjan
Communications Inc., +1-312-867-1771
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