The real estate investment trust has been trying to sell off properties to pay back debt and assist with a liquidation plan. Malan officials says the property sale helped the firm repay a $57.85-million securitized mortgage loan.
The company garnered loans from Salomon Brothers Realty Corp. ($23 million), JDI Loans LLC ($13.5 million) and Cohen Financial ($9.1 million), collateralized by 20 Malan properties to repay the mortgage loan.
Kmart's bankruptcy was a factor in the REIT's decision to liquidate, company officials say.
Malan plans to ask shareholders to act on the liquidation plan at its annual meeting Aug. 28.
The company owns a portfolio of about 50 properties in nine states.
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