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Malan Realty Puts Three More Assets Under Contract

BINGHAM FARMS, MI-Malan Realty Investors sells a Kansas City asset to Kmart for $3.4 million. The company in liquidation has 18 properties left in its portfolio.

By Dan Heaton | Updated on April 05, 2004

BINGHAM FARMS, MI-Malan Realty Investors, Inc. says its net assets in liquidation for the fourth quarter decreased by $1.1 million to $27.9 million. Malan, a publicly traded REIT, is working on a total liquidation program approved by shareholders in the third quarter of 2002.

The decrease in the fourth quarter of 2003 was primarily attributable to an increase in the costs associated with the liquidation, the company says. In its year-end statement, the company also said it sold a Kansas City property for $3.4 million to Kmart Corp. The 104,440-sf property is located at 71000 NW Prairie View Road.

Malan closed on the sales of seven properties during the fourth quarter and three so far in the first quarter of 2004 totaling $9.2 million, leaving it with 18 operating properties under contract.

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