Malan sold the assets, totaling 200,000 sf, for $2.9 million. The sale also includes an option to acquire the company's property in Hays, KS for a set price by Sept. 1. Currently, the 40,050-sf complex is leased to Orscheln Farm and Home Supply, Malan officials say.
The company is involved in a liquidation process, and the sale is a step toward that goal, says Malan president and chief executive officer Jeffrey Lewis. "Looking ahead, we expect that our sales activity will remain strong during the first half of 2003," he adds.
Both Cohen Financial and R.H. Johnson Co. of Kansas City, MO brokered the deal. CB Richard Ellis was hired by Malan to sell its remaining properties. The company owns a portfolio of 47 properties in nine states, making up 4.4 million sf of gross leasable area.
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