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BINGHAM FARMS, MI-Malan Realty Investors Inc. has sold four Kmart-anchored shopping centers for $14.8 million. Sherwood Plaza in Springfield, IL; Kmart Plaza in Salina, KS; South City Center in Wichita, KS; and Kmart Plaza in Jefferson City, MO include 467,685 sf of leasable space.

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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