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Kansas Retail Center Goes for Less Than $14M

BINGHAM FARMS, MI-Pine Ridge Plaza in Lawrence, KS trades for $55 per sf as Malan Realty Investors Inc. unloads the property to pay down debt. Meanwhile, a deal is in place to sell several Kmart-anchored properties.

By Robert Carr | Updated on July 29, 2002

BINGHAM FARMS, MI-Malan Realty Investors Inc. has sold property to pay off debts as it attempts to sell off all its assets. Pine Ridge Plaza, a 250,533-sf shopping center in Lawrence, KS, sold for $13.85 million to Pine Ridge Plaza of Shawnee Mission, KS. Proceeds were used to repay Malan debt.

The property includes a Kohl’s, Old Navy and Kmart. Malan has recently reached an agreement modifying terms of sale for Kmart-anchored shopping centers.

Malan is working with Hutensky Capital Partners of Hartford, CT on a purchase agreement. The number of properties has been reduced to four from 11, and the purchase price has been adjusted to $14.8 million from $42 million.

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