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BINGHAM FARMS, MI-Malan Realty Investors Inc. of Bingham Farms, MI, currently going through a liquidation plan, announced that it has sold six of its 43 properties.

The national and regional retail facilities total about 743,000-sf in five states, according to the company. The sales generated $24.4 million after expenses. The money was used to pay off about $20 million in debt, Malan officials said. Another 10 of the company’s properties are under contract for sale and 22 are under a letter of intent.In August 2002, Malan’s shareholders approved a plan of complete liquidation. As a result of the court’s decision, the company announced it was immediately lowering its estimated range of liquidating distributions by 25 cents per share to $4.50 to $6.25 per share.

Malan officials also said the company has also rearranged a debt, by retiring $27 million in nine-year Secured Convertible Notes, which were collateralized by Bricktown Square in Chicago. The notes were paid off with working capital and part of a shorter-term bridge loan from UBS Real Estate Investments.

The company owns about 40 properties located in eight states, with an aggregate of approximately four million sf of gross leasable area.

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