"The sale of this Big Kmart store moves us closer to completing the orderly liquidation of the company," says Jeffrey Lewis, president and chief executive officer of Malan Realty Investors. Malan is continuing to liquidate assets and expects remaining assets and liabilities to be transferred to a liquidating trust no later than Aug. 28.
Each shareholder of Malan will automatically become the holder of one unit of beneficial interest in the trust for each share of Malan common stock, and all outstanding shares of Malan common stock will automatically be deemed cancelled. Malan has been working on a liquidation plan since August 2002. With the sale, the REIT owns a portfolio of 19 properties located in seven states that contains approximately 1.2 million sf of gross leasable area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
