BINGHAM FARMS, MI-Malan Realty Investors, Inc. has sold three properties totaling 392,736 sf. Net proceeds from the sales were $8.7 million.

Broadway Center, at 101 W. Lincoln Hwy. in Merrillville, IN, is a 177,692-sf property anchored by Kmart. It was sold to Kmart.

A 106,084-sf Kmart property at 151 E. Riverside Blvd. in Loves Park, IL, was sold to an individual.

A Topeka, KS property at 240 E. 29th St. houses a Harbor Freight Tools store and consists of 108,960 sf of space. It was acquired by KDL, Inc.

After the close of the sales, Bingham Farms-based Malan owned 21 retail centers in seven states, totaling about 1.5 million sf.

Malan also announced it is calling the balance of its 9.5% convertible subordinated debentures due July 15 on June 1. The debentures will be redeemed at par, plus accrued but unpaid interest, and retired. The aggregate principal balance of the debentures is currently $7.1 million.

“We are pleased to complete the redemption of the convertible subordinated debentures well in advance of their due date,” says Malan Realty Investors chief executive officer Jeffery Lewis. “This is an important landmark in our strategy to de-leverage the company and create liquidity for the stockholders. Property sales are also progressing well, and we are pleased with our progress to date and the prospects for selling additional properties in the future.”

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