After the sale, Bingham Farms, MI-based Malan will continue to own 25 retail properties in eight states with about two million sf of leasable space. Malan announced the sale late last week and also said it's calling for redemption on April 14 of $5 million of its 9.5% convertible subordinated debentures due July 15. The portion of the debentures being called will be redeemed at par, plus accrued but unpaid interest, and retired. The aggregate principal balance of the debentures is currently $12.1 million.

"We are pleased to reduce the balance on the debentures prior to the redemption date later this year," says Jeffrey Lewis, Malan's president and CEO. "With the size of our portfolio now below two million sf, we expect to make additional sales throughout 2004 as we complete the liquidation."

The portion of the debentures to be redeemed will be selected by lot. The transfer books for the debentures will be closed on March 15 for the selection process. The transfer books will be reopened the next day. The debentures currently trade on the New York Stock Exchange under the CUSIP number 561063-AA-6001.