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Malan Continues Liquidation by Selling $3M Retail Property

MILWAUKEE-Malan Realty Investors continues its liquidation process by selling a 117,790-sf property in the city for approximately $2.6 million.

By Dan Heaton | Updated on March 07, 2004

MILWAUKEE-Malan Realty Investors, Inc. has sold a retail center in the city for approximately $2.6 million. The sale is part of Malan’s ongoing liquidation plan. The property, with 117,790-sf of gross leasable area, is located at 2701 S. Chase Avenue and contains a Chuck E. Cheese’s Restaurant.

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.

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