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.

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