BINGHAM FARMS, MI-Malan Realty Investors, Inc. has sold its Wood River, IL property and completed the redemption of its convertible subordinated debentures. Malan is to receive about $5.9 million from the sale.

Wood River Plaza, located at 1501 Vaughan Rd. in Wood River, is a 147,470-sf shopping center anchored by Wal-Mart. The purchaser of the property is Woodriver Partners, LLC. Malan’s proceeds are to be used to pay down debt.

Wood River is part of the St. Louis, MO metropolitan area. It is located across the Mississippi River from St. Louis.

The Bingham Farms, MI-based REIT completed the redemption of its convertible subordinated debentures June 1. The final aggregate principal balance of its 9.5% convertible subordinated debentures due July 15 was $7.1 million. The convertible subordinated debentures were issued as part of the company’s initial public offering in 1994.

“With this sale and debt reduction, we have paid off approximately $110 million of company debt over the last year,” says Jeffrey Lewis, president and chief executive officer of Malan.

Malan is continuing to liquidate its assets. Lewis says he expects that no later than Aug. 28, any remaining assets and liabilities will be transferred to a liquidating trust.

Malan said each shareholder of Malan will automatically become the holder of one unit of beneficial interest in the trust for each share of Malan common stock, and all outstanding shares of Malan common stock will automatically be deemed cancelled.

With the sale of the Wood River property, Malan now owns a portfolio of 20 properties located in seven states that contains an aggregate of approximately 1.3 million sf.

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