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GlobeSt.com UPDATE: Malan REIT Sells Two Centers

BINGHAM FARMS, MI-Malan Realty Investors continued its liquidation process, announcing sales of two shopping centers for a total net to Malan of $4.3 million. The centers, in Michigan and Wisconsin, have a combined 207,000 sf.

By Dan Heaton | Updated on December 11, 2003

BINGHAM FARMS, MI-Malan Realty Investors Inc. has sold two shopping centers, one in Michigan and another in Wisconsin, totaling 207,534 sf of gross leasable area. The company has been working on a complete liquidation plan for more than a year.

The properties are the Westland Mall in the Detroit suburb of Westland, MI, an 85,000-sf shopping center anchored by Dick’s Sporting Goods, and Westland Plaza in Madison, WI, a 122,534-sf shopping center anchored by Burlington Coat Factory. Terms of the sale included assumption by the purchaser of Westland Mall of the existing mortgage with Wells Fargo Bank of $5.5 million. Net cash proceeds to Malan from the two transactions were approximately $4.3 million.

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