Malan Realty Investors Announces Sale of Two Properties

Malan Realty Investors Announces Sale of Two Properties 


BINGHAM FARMS, Mich., Feb. 17  /PRNewswire-FirstCall/ -- Malan Realty Investors,
Inc. , a self-administered real estate investment trust (REIT), today announced
that it has completed the sale ofa shopping center and a parcel of vacant
land.

The 96,268 square-foot shopping center is located in Fairview Heights, Illinois,
east of St. Louis.  The vacant land parcel is located in Lawrence, Kansas.  Net
cash proceeds to Malan from the two transactions were approximately $2.9
million.

Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies.  In August 2002, the
company's shareholders approved a plan of complete liquidation.  The company
owns a portfolio of 26 properties located in eight states that contains an
aggregate of approximately 2.1 million square feet of gross leasable area.

Safe Harbor Statement:  This news release may contain forward-looking
statements.  Althoughthe company believes that the statements and projections
are based on reasonable assumptions, actual results may differ from those
projected.  Key factors that could cause actual results to differ materially
include uncertainties regarding the length of time required to sell the
company's properties and execute the plan of liquidation, expenses incurred
during the liquidation period, the company's ability to retire or refinance its
indebtedness as it comes due, its success in selling assets, the changing market
conditions affecting the sale prices of its properties, the disproportionate
effect of changes in proceeds from property sales on liquidating distributions
due to the company's capital structure, economic downturns, leasing activities,
bankruptcies and other financial difficulties of tenants, the cost of addressing
environmental concerns, unforeseen contingent liabilities, other risks
associated with the commercial real-estate business, and other concerns as
detailed in the company's filings from time to time with the Securities and
Exchange Commission.

News releases for Malan Realty Investors are available on the company's Web site
at http://www.malanreit.com/ or in the Company News section on the PR Newswire
Web site at http://www.prnewswire.com/ . 

DATASOURCE: Malan Realty Investors, Inc.



CONTACT:  John Roberson, Media Relations of Malan Realty Investors, Inc.,

[phone], or Fred Nachman of Marjan Communications Inc.,

[phone]



Web site:  http://www.malanreit.com/ 

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