BINGHAM FARMS, MI-Malan Realty Investors Inc. has signed contracts for the sale of 15 properties and is in negotiations to sell 17 additional properties. The 15 properties under contract total approximately 2.1 million sf of gross leasable area and include a mix of shopping centers and single-tenant properties.

The sales are expected to yield $94 in net proceeds. Malan officials plan to use $57.9 million to pay off securitized mortgage debt on 23 properties before it expires in August.

The properties include the Orchard-14 Shopping Center in Farmington Hills, MI and Clinton Pointe Shopping Center in Clinton Township, MI.

Four properties are in the Chicago area, including Bricktown Square on the northwest side as well as properties leased to Kmart in the suburbs of Franklin Park, Lansing and Merrillville, IN.

In the Milwaukee area, Kmart-leased properties in the city and suburb of Hales Corners are in the package.

The deal also includes Pine Ridge Plaza in Lawrence, KN as well as Kmarts in Springfield, IL; Salina, KN; Wichita, KN; Jefferson City, MO and Kansas City, MO.”We are also in negotiations for the sale of an additional 17 properties anchored by Wal-Mart, including 13 centers in which the Wal-Mart is owned and operated by independent third parties,” says Jeffrey Lewis, president and chief executive officer of the company. “Projected proceeds from the sale of these properties before debt repayment are approximately $50 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.