"We are extremely pleased to add CB Richard Ellis to our team," says Malan president and chief executive officer Jeffrey Lewis. "We believe that CBRE will play a key role in the execution of our liquidation strategy by providing extensive exposure of our properties to a wide variety of purchasers."
Shareholders of Malan approved a plan for complete liquidation in September. The plan provides for the orderly sale of assets, establishing reserves for the payment of liabilities and expenses, distribution of net proceeds of the liquidation to common shareholders, wind-up of operations and dissolution of the company.
The liquidation plan is expected to take up to two years or more to complete. The company owns and manages 52 properties that are leased primarily to national and regional retail companies.
Malan officials say they have sold six properties this year totaling more than 820,000 sf for almost $30 million before debt repayment. Current properties that have transactions pending will not be included in the CB Richard Ellis deal.
The listing for Malan will be handled by CBRE's shopping center investment team based in Rosemont, IL. Cohen Financial will continue to provide services for the financing and refinancing of Malan's properties.
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