The board of trustees, meanwhile, declared a liquidating distribution of $1.85 per share to be provided on Sept. 28th to shareholders of record at the close of business on Sept. 14th. MGI is also estimating that the liquidating trust will be able to make future cash distributions of 65 cents per share upon the sale of its three remaining properties.

Founded in 1971, MGI voted to dissolve after the REIT industry fell out of favor in 1998. Global economic fears and concerns that the industry was overextending itself through aggressive acquisitions sent REIT stocks plummeting, with MGI ultimately deciding that its underlying assets were worth more than its stock. The liquidation decision caught analysts off guard given the company's impressive track record in buying commercial and industrial properties, primarily in New England.

Based in Boston, MGI scooped up most of its local holdings during the depressed market of the early 1990s. In selling its portfolio, MGI has traded 66 properties totaling 5.4 million sf, as well as 959 apartment units. The aggregate sales price for the package, minus $9.6 million for selling expenses and closing adjustments, is $519.6 million.