<PAGE>   1
                                                                   EXHIBIT 10(q)



                      AGREEMENT FOR PURCHASE OF REAL ESTATE

                                     between

                       BRANDON ASSOCIATES WESTLAND L.L.C.
                      a Michigan limited liability company

                                    "Seller"

                                       and


                          MALAN REALTY INVESTORS, INC.,
                             a Michigan corporation

                                     "Buyer"

                   DATE: JANUARY 29                    , 1998
                         -----------------------------





<PAGE>   2



                              TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                         PAGE

<S>     <C>                                               <C>   
1.       Purchase and Sale.................................2

2.       Purchase Price....................................2

3.       Condition of Title................................3

4.       Evidence of Title.................................4

5.       Title Objections..................................5

6.       Representations and Covenants of Seller...........6

7.       Right Of Entry...................................10

8.       Waiver of Conditions by Buyer....................11

9.       Estoppel Certificates............................11

10.      Place and Time of Closing........................11

11.      Closing Documents................................11

12.      Default..........................................13

13.      No Assumption of Liabilities.....................13

14.      Real Estate Brokerage Commission.................14

15.      Possession.......................................14

16.      Taxes, Prorated Items and Closing Costs..........14

17.      Casualty.........................................16

18.      Condemnation.....................................17

19.      Use of Words.....................................17

20.      Notice...........................................17

21.      Governing Law....................................18

22.      Entire Agreement.................................19

</TABLE>



                                     (i)

<PAGE>   3


<TABLE>

<S>     <C>                                              <C>
23.      Survival of Terms................................19

24.      Binding Effect...................................19

25.      Counterparts.....................................19

SIGNATURE PAGE............................................20


EXHIBITS:

A.       Real Estate

B.       Personal Property

C.       Licenses and Permits

D.       Rent Roll

E.       Contracts

F.       Estoppel Certificate

</TABLE>

        





                                      (ii)

<PAGE>   4



                      AGREEMENT FOR PURCHASE OF REAL ESTATE


         THIS AGREEMENT FOR PURCHASE OF REAL ESTATE (the "Agreement"), is hereby
entered into by and between BRANDON ASSOCIATES WESTLAND L.L.C., a Michigan
limited liability company, whose address is 27777 Franklin Road, Suite 950,
Southfield, Michigan 48034 ("Seller"), to MALAN REALTY INVESTORS, INC., a
Michigan corporation, whose address is 30200 Telegraph Road, Suite 105,
Birmingham, Michigan 48025-4503 ("Buyer"), and is based upon the following: 

         A.       Seller is the owner of the following property (collectively, 
the "Property"):

                  (i) That certain parcel of land located on Central Parkway in
                  the City of Westland, Wayne County, Michigan, as is more
                  particularly described on Exhibit A, attached hereto and made
                  a part hereof, together with a shopping center containing
                  approximately 85,000 net rentable square feet located thereon,
                  and all other buildings, fixtures and structures thereon and
                  all improvements, riparian rights, rights of way, roadways,
                  easements, rights, privileges, and appurtenances thereto
                  (collectively, the "Real Estate");

                  (ii) All of the personal property described on Exhibit B,
                  attached hereto and made a part hereof, and all other
                  equipment, machinery, furniture and other personal property
                  owned by Seller and located on or about the Real Estate and
                  used or useable solely in connection with the Real Estate
                  (collectively, the "Personal Property");

                  (iii) All of the licenses, permits, approvals, and consents
                  described on Exhibit C, attached hereto and made a part hereof
                  (collectively, the "Licenses and Permits");

                  (iv) All of the leases, licenses, and occupancy agreements
                  (collectively, the "Leases") of the Real Estate with the
                  tenants (the "Tenants") listed in the rent roll (the "Rent
                  Roll"), attached hereto and made a part hereof as Exhibit D;
                  and

                  (v) All of the interest of the Seller and/or the owner of the
                  Real Estate in all management agreements, service contracts,
                  and other agreements described on Exhibit E, attached hereto
                  and made a part hereof (collectively, the "Contracts").

         B. Seller and Buyer desire to enter into this Agreement for the
purchase and sale of the Property.





<PAGE>   5



         NOW, THEREFORE, in consideration of the mutual covenants, promises and
agreements and subject to the terms and conditions contained herein, the parties
hereto hereby agree as follows:

         1. Purchase and Sale. In consideration of the execution of this
Agreement, Seller hereby agrees to sell, and Buyer hereby agrees to purchase,
the Property upon the terms and conditions hereinafter set forth.

         2. Purchase Price. The purchase price for the Property shall be the sum
of Seven Million Nine Hundred Twenty-Five Thousand Dollars ($7,925,000)
("Purchase Price"), payable
as follows:

                  (a) Within two (2) business days after Seller's execution of
         the Agreement, Buyer shall deliver to Philip R. Seaver Title Company,
         as Agent for First American Title Insurance Company (the "Title
         Company") the sum of Twenty-Five Thousand Dollars ($25,000.00) (which
         shall hereinafter be deemed to be the "Deposit"). If the transaction
         contemplated hereby is consummated, the Deposit shall be applied
         towards the cash portion of the Purchase Price to be paid by Buyer to
         Seller at closing.

                  (b) At the closing, Buyer shall take title to the Real
         Property subject to the existing indebtedness (the "Mortgage") owed to
         Wells Fargo Bank, N.A. (the "Mortgagee"), and shall assume all of
         Seller's obligations under the Mortgage and other documents executed
         and delivered in connection therewith (collectively, the "Loan
         Documents"). At closing, Buyer shall pay the Purchase Price, after
         deduction of the unpaid balance of the Mortgage, to Seller.

                  (c) The amount to be paid by Buyer to Seller pursuant to
         subparagraph (b) above, subject to other closing adjustments and
         prorations as provided herein, shall be paid by Buyer to Seller at
         closing by means of, at Buyer's option, federal wire funds transfer,
         bank check, certified check, or cashier's check.


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         3. Condition of Title. Seller shall convey to Buyer, subject to the
conditions of Paragraphs 4 and 5, good and marketable title to all of the
Property free and clear of all liens, conditions, easements, restrictions,
mortgages, security interests, leases, exceptions, or other encumbrances
whatsoever, other than the liens, security interests and terms and conditions of
the Loan Documents; provided, however Seller may convey the Real Estate by means
of a Covenant Deed subject to (collectively, the "Permitted Exceptions"):

                  (a)     The Leases, the rights of tenants under the Leases and
         Mortgage and the other Loan Documents;

                  (b) Such easements and restrictions of record that do not
         interfere with the continued use and development of the Real Estate by
         Buyer as a retail shopping center (the determination of which shall be
         made by Buyer, in its sole discretion, following its receipt of the
         survey, title commitment and other documents described in paragraph 4
         below);

                  (c) Such taxes and assessments as may be a lien upon the Real
         Estate but not due and payable as of the Closing Date, and taxes and
         assessments which may be assessed or accrue subsequent to the Closing
         Date;

                  (d) Such other exceptions listed on the commitment described
         in Paragraph 4 hereof and not timely objected to by Buyer; and

                  (e)     Current zoning ordinances.

Title to the Real Estate shall be insured in the aforesaid condition, at
closing, by the Title Company. Seller shall provide the Title Company with such
information and shall execute such documents as may be reasonably required in
order for the Title Company to provide Buyer with an "insured closing" through
the date of recordation of the Covenant Deed referenced in paragraph 11 below.


                                      - 3 -
<PAGE>   7


         4. Evidence of Title. (a) As evidence of title to the Real Estate,
Buyer shall obtain within fifteen (15) days after the date hereof (and deliver a
copy thereof to Seller), a complete commitment for a policy of title insurance
issued by the Title Company in the amount of the Purchase Price, guaranteeing
title in the condition required herein and bearing a date later than the date
hereof, together with an ALTA 3.1 zoning endorsement stating that the current
use of the Real Estate complies with all applicable zoning laws and ordinances.
Copies of all documents and other items listed as encumbrances or exceptions on
such title commitment shall also be delivered to Buyer and Seller with the
commitment. At closing a final policy of title insurance (or a "marked-up
commitment" having the effect of) insuring title to the Real Estate in the
condition required hereunder in the name of Buyer, with the foregoing
endorsement and with the so-called "standard exceptions" deleted, shall be
delivered by the Title Company to Buyer at the sole expense of Seller. Buyer
shall pay the cost of the ALTA 3.1 zoning endorsement.

         (b) Within twenty (20) days after the date hereof, Seller shall obtain
and deliver to Buyer a survey of the Real Estate prepared by a surveyor or civil
engineer licensed as such by the State of Michigan showing (i) the boundaries of
the Real Estate, (ii) the square feet of land contained in the Real Estate,
(iii) all improvements located on the Real Estate, (iv) which portion of the
Real Estate, if any, is located within a 100 year flood plain, (v) the driveways
and parking areas currently located on the Real Estate and (vi) a metes and
bounds legal description of the Real Estate. Such survey shall include a
certification as to the matters contained thereon to Buyer and the Title
Company.

         (c) Seller acknowledges that Buyer will cause a Uniform Commercial Code
("UCC") search to be performed prior to closing with respect to the Property,
Seller and any individuals constituting Seller.


                                      - 4 -
<PAGE>   8


         5. Title Objections. If, within fifteen (15) days from the date that
the commitment of title insurance is furnished to Buyer, objection to the title
is made by Buyer that the title is not in the condition required hereunder,
Seller shall have fifteen (15) days from the date it is notified in writing of
the particular defects claimed to cure such defects to Buyer's satisfaction, and
if Seller is unable or unwilling to cure such defects within the aforesaid
fifteen (15) day period, Buyer shall have the right, at its option, to (i) waive
the defects and proceed with the closing of this transaction, (ii) terminate
this Agreement and receive an immediate refund of the Deposit in which event
neither party hereto shall have any further liability or obligation hereunder,
or (iii) remove any existing encumbrances upon the Property (excluding any
existing indebtedness secured by the Mortgage, but including any construction
liens for work performed at the Real Estate prior to the Closing Date and any
other encumbrances the cost of which to discharge does not exceed Fifty Thousand
Dollars [$50,000.00]) which Seller is required to remove under this Agreement by
payment out of the cash payment portion of the Purchase Price, at the time of
consummation of the sale, of such sums as are required to discharge such
encumbrances or, if Buyer elects, such encumbrances can be assumed with
abatement of the Purchase Price. If Seller cures such defects to the
satisfaction of Buyer within the time specified above, Buyer agrees to complete
the transaction contemplated hereunder on the later of the Closing Date and the
date thirty (30) days after Seller notifies Buyer in writing that it has cured
such defects, subject, however, to any and all other conditions of closing set
forth in this Agreement.

         6. Representations of Seller. Seller hereby represents to Buyer, except
as otherwise disclosed to Buyer in writing, that:

                  (a) Seller has not entered into (and will not enter into) any
         agreements, oral or written, which would limit or restrict Seller's
         right to execute this Agreement or perform its obligations hereunder
         or, other than the Leases, prevent possession by


                                      - 5 -
<PAGE>   9



         Buyer of all or any part of the Property (subject to the rights of
         persons under the Leases and the rights of beneficiaries under
         easements and other instruments of record affecting the Real Estate),
         and Seller is subject to no decree or judgment of any court that would
         be so limiting or restrictive;

                  (b) Seller has no actual knowledge of any application or
         proceeding pending in any governmental agency or office which may
         change the current zoning of the Real Estate;

                  (c) From and after the date hereof, Seller shall not (i)
         further burden or encumber the Property in any manner whatsoever
         (whether by mortgage, security interest, lien, easement, restriction,
         lease, or otherwise), (ii) increase the amount of the Mortgage, or
         (iii) modify, amend, or change any of the material terms and conditions
         of the Mortgage, the Leases, the Contracts or the Permitted Exceptions,
         without in each case the prior written consent of Buyer;

                  (d) The Real Estate shall be operated by Seller from the date
         hereof through the Closing Date in substantially the same manner in
         which the Real Estate is currently operated;

                  (e) Seller shall not perform, nor cause its contractors to
         perform, any work on the Real Estate in the one hundred twenty (120)
         day period prior to the Closing Date which would create in any party a
         right to a lien against the Real Estate, or if any such work has taken
         or will take place, that all parties engaged by Seller or its
         contractor involved in such work have been or will be paid in full by
         Seller, and Seller has received or will receive appropriate waivers of
         lien from all of such parties and shall provide title insurance over
         such claims;

                  (f) Seller is a duly organized and validly existing limited
         liability company under Michigan law. Seller has the full right and
         power to sell, transfer and convey the


                                      - 6 -

<PAGE>   10



         Property to Buyer and this Agreement and all instruments executed or to
         be executed in connection herewith are, or when executed will be, valid
         and enforceable against Seller in accordance with its and their
         respective terms and conditions;

                  (g) To Seller's knowledge, there are no threatened or pending
         condemnation, zoning or any other proceedings or litigation with
         respect to the Property, and Seller has not received any written notice
         from any governmental authority that it has determined or threatens to
         determine that there are any violations of any statutes, ordinances or
         regulations relating to the Property;

                  (h) Seller has received no written notice that there are
         claims, demands, damages, actions, causes of action or claims of third
         parties which would be a charge or encumbrance against the Property
         other than claims which would be satisfied on or before Closing;

                  (i) Except for the Permitted Exceptions, the Contracts, the
         Licenses and Permits, and the Leases, there are no leases, agreements,
         management contracts, license agreements, service agreements,
         contracts, or arrangements, oral or written, relating to or affecting
         the Property which will be binding on the Property (or Buyer solely in
         its capacity as the new owner thereof on or after Closing);

                  (j) To the best of Seller's knowledge, (i) no Hazardous
         Substance (as hereinafter defined) has been generated, treated, stored
         (except in accordance with law), disposed of, released, or otherwise
         deposited in, under or on, or is located in, under or on, the Real
         Estate by or on behalf of Seller, and (ii) nor has (a) any activity
         been undertaken on the Real Estate which would cause the Real Estate or
         any portion thereof to become a hazardous waste treatment, storage or
         disposal facility within the meaning of the Resource Conservation and
         Recovery Act, 42 U.S.C. ss.6901 et seq., as amended ("RCRA"), or (b)
         there been a release or threatened release of any


                                      - 7 -

<PAGE>   11


         Hazardous Substance in, on, at or from the Real Estate. As used herein,
         (x) the term "Law" means any applicable federal, state, or local law,
         rule, regulation, statute, code, ordinance or order, (y) the term
         "Hazardous Substance" means asbestos, polychlorinated biphenyls,
         petroleum, petroleum products, radon gas and any other material, waste,
         vapor or substance which is now or hereafter identified as a hazardous
         or toxic material, waste, vapor, or substance under any Law, and (z)
         the terms "release" and "threatened release" shall have the meaning
         ascribed to such terms in the Comprehensive Environmental Response,
         Compensation and Liability Act of 1980, 42 U.S.C. ss.9601 et seq., as
         amended ("CERCLA");

                  (k) The Leases (true and correct copies of which have been
         delivered to Buyer) constitute all of the leases which currently
         encumber the Real Estate;

                  (l) Except to the extent otherwise set forth in an estoppel
         certificate to be delivered to Buyer, the Rent Roll attached hereto and
         made a part hereof as Exhibit D is true, correct, and complete in all
         material respects as of the date made;

                  (m) To Seller's knowledge, (i) none of the parties to the
         Permitted Exceptions, the Contracts, or the Leases is in default of any
         of its obligations thereunder and (ii) Seller is not in default of any
         of its obligations thereunder;

                  (n) Seller has not received any rent, fees, or other charges
         due under any of the Leases in advance of the current month's rent,
         fees or charges; and

                  (o)     Seller does not employ any employees, whether at the 
         Real Estate or otherwise.

         Each and every representation shall be true as of the date of this
Agreement. Seller hereby agrees to execute for Buyer a reaffirmation restating
and updating through closing the above representations (the "Representations"),
and acknowledging that the same shall survive the closing of the transaction
contemplated hereunder for a period of one (1) year after the 

     
                                      - 8 -
<PAGE>   12

closing. Seller acknowledges that Buyer is relying on the Representations of
Seller in entering into this Agreement and that the Representations of Seller
are a material inducement to Buyer entering into this Agreement and proceeding
with the transaction contemplated hereunder.

         7. Right Of Entry. Buyer and its agents and/or representatives shall
have the right to enter upon the Real Estate and the buildings located thereon
at all reasonable times for the purposes of inspecting the same, examining all
books and records of the business conducted thereon and making such soil tests,
surveys, environmental studies or tests, feasibility studies, architectural and
engineering studies, and such other tests and investigations as Buyer may desire
for the period beginning on the date hereof and continuing until February 13,
1998 (the "Inspection Period"). In connection with such activities, Buyer shall
exercise due care to see that existing occupants are not inconvenienced. All
such tests shall be at Buyer's sole expense, and Buyer shall restore the
Property to substantially the same condition as existed before such tests
occurred, including, without limitation, the repair of any damage caused as a
result of the performance of any such tests. Seller hereby agrees to cooperate
with Buyer in connection with the foregoing, and to make available to Buyer any
surveys, plans, contracts, agreements, permits, certificates, licenses, and
other documents, information and data in Seller's possession relative to the
Property and the operation thereof. In addition, within ten (10) days after the
date hereof, Seller shall deliver to Buyer true, correct, and complete copies of
the Leases, the Contracts, all documents with the holder of the Mortgage and all
environmental reports and studies relating to the Property in Seller's
possession. On or before the last day of the Inspection Period, Buyer shall
notify Seller of its election to proceed with the consummation of this
transaction. In the event Buyer elects to proceed and so advises Seller, the
parties shall proceed to Closing. If the Buyer elects not to proceed or fails to
make any election prior to the last day of the Inspection Period, then this
Agreement shall thereupon terminate and, except for Buyer's liability under this
Paragraph 7, the parties shall be released

                                     - 9 -
<PAGE>   13

from any further liability hereunder, except that the Deposit shall be returned
to the Buyer by the Title Company.

         Notwithstanding anything contained herein to the contrary (a) prior to
entering upon the Property and at all times prior to the expiration of this
Agreement, Buyer shall maintain with respect to each such entry public liability
insurance in an amount not less than $2,000,000.00 with Seller named as an
additional insured, (b) Buyer agrees to indemnify, defend and hold Seller
harmless for all liability, claims, damages, and/or expenses (including, without
limitation, reasonable attorneys' fees) incurred by Seller as a result of
Buyer's exercise of the inspection rights granted under this Paragraph, (c)
Buyer shall deliver to Seller, at no cost to Seller, copies of all reports,
studies and test results obtained or prepared by or on behalf of Buyer from
third parties in connection with the Property, and (d) Buyer shall receive
Seller's prior approval before conducting any such physical tests or studies
upon the Property, which approval shall not be withheld so long as the proposed
tests and/or studies will be conducted so as not to interfere with Seller's use
of the Property or the rights of any tenants. Buyer's obligation under this
Paragraph shall survive the expiration or termination of this Agreement or the
closing or sale of the Property to Buyer.

         Acknowledging the prior use of the Property and Buyer's opportunity to
inspect the Property, Buyer agrees to purchase the Property on an "AS IS" basis.
Buyer acknowledges and agrees that except as expressly set forth in this
Agreement, that neither Seller nor its agents, contractors or representatives
have made any representations, warranties, promises, covenants, agreements or
guarantees of any kind or character whatsoever whether express or implied, oral
or written, past, present or future, of, as, to, concerning or with respect to
the Property. Without limiting the generality of the foregoing, Buyer
voluntarily and knowingly waives any contribution rights or claims which Buyer
may have against Seller in the event Buyer incurs liability to any party 
(including any Federal, State or Local Governmental 

                                     - 10 -

<PAGE>   14

Authority) arising out of the existence, removal or remediation of
any hazardous substances on or under the Property, unless the existence of same
shall have been known to Seller and Seller failed to disclose same to Buyer.

         8. Waiver of Conditions by Buyer. Buyer reserves the right, at its sole
option, to at any time waive any condition precedent to the closing of this
transaction as set forth in this Agreement. Any such waiver must be in writing
and be signed by Buyer.

         9. Estoppel Certificates.  Intentionally Deleted.

         10. Place and Time of Closing. If title can be conveyed in the
condition required hereunder, and if all of the conditions precedent to the
closing are either satisfied or waived, the closing of this transaction shall
take place a mutually convenient time and place on a date designated by Buyer by
at least three (3) days' notice to Seller and acceptable to Seller, but not
later than March 2, 1998 (the "Closing Date"), or otherwise mutually agreed upon
by the parties.

         11. Closing Documents. At the closing, the following documents will be
executed and delivered:

                  (a) A Covenant Deed, from Seller to Buyer, covering the 
         Real Estate, in recordable form;

                  (b) A Bill of Sale, from Seller to Buyer with a general
         warranty of title, with respect to all of the Personal Property;

                  (c) Certificates of title for all vehicles or other
         certificated personal property constituting the Personal Property, if
         any, duly transferring title thereto from Seller to Buyer in the
         condition required hereunder to Buyer;

                  (d) An Assignment and Assumption of Leases in a form 
         acceptable to both parties;


                                     - 11 -
<PAGE>   15

                  (e) An assignment and assumption of all Licenses and Permits
         in form and substance acceptable to both parties;

                  (f) An Assignment and Assumption of Contracts in a form 
         acceptable to both parties;

                  (g) Originals or certified copies of all (i) the Leases, (ii)
         Licenses and Permits, (iii) Contracts, (iv) documents relating to the
         Mortgage, (v) all lease files, keys, transferable warranties and
         guaranties, building plans, blue prints, surveys, drawings, and other
         information or material relating to the Property in Seller's possession
         and (vi) books and records regarding the income, expenses, assets, and
         liabilities of the Property for the years during which Seller owned the
         Property;

                  (h) A Closing Statement with all notices of assessments, if
         any, attached; (i) Letters signed by Seller addressed to all parties to
         the Leases advising such parties of the sale of the Property and
         directing such parties to make all future payment thereunder to Buyer;

                  (j) An updated Rent Roll of the Property, certified by Seller
         to be true, correct and complete in all material respects as of the day
         prior to Closing;

                  (k) The title insurance policy described in paragraph 4 above;

                  (l) The reaffirmation described in paragraph 6 above; 

                  (m) A non-foreign affidavit pursuant to Section 1445 of the
         Internal Revenue Code of 1986, as amended (the "Code"); and

                  (n) Any and all other documentation reasonably required by the
         Title Company to issue title to close the transaction contemplated
         hereunder and to cause the title policy described in paragraph 4 above
         to be issued and delivered to Buyer.

         12. Default. In the event of default by Buyer hereunder, Seller may
declare a forfeiture hereunder and the Deposit shall immediately be delivered by
the Title Company to 


                                     - 12 -

<PAGE>   16

Seller, as liquidated damages, the same to be Seller's sole and exclusive
remedy. In the event of default by Seller hereunder, Buyer may, at its option,
demand, and be entitled to as its sole and exclusive remedy, an immediate refund
of the Deposit, in full termination of this Agreement, or seek specific
performance.

         13. No Assumption of Liabilities. Except with respect to the Leases and
the Contracts and any other obligation or risk to be assumed by Buyer pursuant
to the express or implied terms of this Agreement, Buyer shall not assume any
obligations, liabilities, claims, demands, judgments, causes of action,
indebtedness or accounts payable of Seller of any kind, nature or description
whatsoever, whether the same are accrued, absolute or contingent, known or
unknown, direct or indirect.

         14. Real Estate Brokerage Commission. Seller shall be responsible for
the brokerage commission due to Source Real Estate & Investment Company (the
"Broker") with respect to the consummation of this transaction. Each party
agrees to defend, indemnify and hold harmless the other from and against any
claim for broker's or finder's fees or commissions made by any person (other
than the Broker) claiming to have dealt with them.

         15. Possession. Seller shall deliver and Buyer shall accept possession
of the Property on the Closing Date, subject to the rights of no other persons
whatsoever, except rights of persons under the Leases and the rights of
beneficiaries under easements and other instruments recorded affecting the Real
Estate. The Real Estate shall be vacated by Seller on or before the Closing
Date.

         16. Taxes, Prorated Items and Closing Costs. (a) For purposes of the
prorations and adjustments described in this paragraph 16, Buyer shall be deemed
to own the Property on the Closing Date and, accordingly, be charged with all
expenses and receive all income accruing on or with respect to the Closing Date.


                                     - 13 -
<PAGE>   17

         (b) All taxes and assessments, including all unpaid assessments and all
assessments payable in installments, which have become a lien upon the Property
as of the date of closing or which have been confirmed by any public authority
at the date of closing and which are due and payable, shall be paid in full by
Seller. Current taxes, to the extent not reimbursed to Seller by Tenants, shall
be prorated and adjusted as of the Closing Date in accordance with the due date
basis of the municipality or taxing unit in which the Property is located.

         (c) All fees charged by the Title Company in connection with the
holding of the Deposit in escrow, if any, shall be shared equally by Seller and
Buyer.
         (d) The state and county transfer taxes that will be payable upon the
transfer of title from Seller to Buyer shall be Seller's obligation.

         (e) Buyer and Seller shall be responsible for their own attorney's fees
incurred in connection with the preparation and negotiation of this Agreement
and the transaction contemplated hereby.

         (f) All rent, fees, charges and other income due under the Leases, and
any and all other income, profits, or revenue accruing to Seller or the Property
with respect to the Property for the month, or other applicable period, prior to
the Closing Date, (the "Income"), and received by Seller on or before the
Closing Date, shall be prorated as of the Closing Date. Accordingly, at closing
Buyer shall receive a credit equal to the amount of all Income received by
Seller with respect to the period on and after the Closing Date. Any Income due
and owing or accruing prior to the Closing Date but not received by Seller as of
the Closing Date shall not be prorated or adjusted, but rather such Income shall
periodically be prorated and adjusted as of the Closing Date by Buyer if and
when Buyer receives such Income. Buyer agrees to use its good faith efforts to
collect all such Income. After closing, Seller shall not have the right
to pursue, collect or seek any Income from any of Seller's tenants. If, however,
Seller receives any such Income, Seller and Buyer shall promptly pro rate same
(without reference to the costs


                                     - 14 -
<PAGE>   18

of collection) in accordance with this Agreement. In addition to the foregoing,
if any Tenant at the Real Estate is paying percentage rent at the time of
closing or at any time within one year thereafter, and if a portion of the sales
on which such percentage rent is based were generated prior to the Closing Date,
then for each such Tenant, the percentage rent paid by such Tenant shall be
prorated and adjusted when such percentage rent is received by Buyer with Buyer
being entitled to an amount equal to such percentage rent multiplied by a
fraction, the numerator of which is the number of days the Buyer owned the
Property during the period in which such percentage rent is measured and the
denominator of which is 365.

         (g) All costs and expenses of Seller or the Property with respect to
the Property, to the extent not reimbursed by Tenants (the "Expenses"), shall be
prorated as of the Closing Date. To the extent the Expenses can accurately be
prorated on the Closing Date, such Expenses shall be prorated at closing. To the
extent such Expenses cannot accurately be prorated on the Closing Date (e.g.,
utility charges), such Expenses shall be prorated and adjusted by Buyer as of
the Closing Date when the actual bills covering the period in which the Closing
Date occurs are received by Buyer. Seller shall pay its share of such Expenses
promptly upon receipt of a statement from Buyer. Buyer shall have the right to
offset against any Income due Seller Seller's share of such Expenses.

         (h) Not later than one (1) year after the Closing Date, Buyer shall
submit to Seller a final statement regarding the proration of Income and
Expenses as of the Closing Date, together with a check in the amount of any sum
due to Seller. In the event such final Closing Statement discloses that money is
due to Buyer from Seller, then Seller shall pay same to Buyer within thirty (30)
days after receipt of such final Statement.


                                     - 15 -
<PAGE>   19

         17. Casualty. Seller shall give Buyer prompt written notice of any fire
or other casualty affecting the Property, which notice shall include a
description thereof in reasonable detail, Seller's reasonable estimate of the
cost of repair, and a description of any affect thereof upon any existing
tenancies. If such reasonable estimate is less than $100,000 and no tenant of
the Property occupying more than 5,000 square feet of space terminates its lease
as a result of such casualty, then the transaction contemplated hereunder shall
proceed in accordance with the terms hereof and Seller shall, at closing, assign
any insurance proceeds received by Seller in connection therewith. If, however,
such reasonable estimate is $100,000 or greater, or any tenant occupying 5,000
or more square feet of space at the Property terminates its lease(s) as a result
of such casualty, then Buyer shall, at its option, either (i) terminate this
Agreement by written notice thereof to Seller within fifteen (15) days after
Buyer's receipt of Seller's notice of such casualty, in which case the Deposit
shall be returned to Buyer and neither party shall have any further obligation
hereunder or (ii) proceed with the transaction contemplated hereunder and
receive from Seller at closing an assignment of all insurance proceeds relating
to such damage or destruction together with a credit from Seller in the amount
of the deductible under Seller's casualty insurance policy.

         18. Condemnation. If any condemnation or eminent domain proceeding is
commenced or threatened against the Property, Seller shall, promptly after
obtaining knowledge thereof, give Buyer written notice thereof in reasonable
detail. In such event, Buyer shall, at its option, either (i) terminate this
Agreement by written notice thereof to Seller within fifteen (15) days after
Buyer's receipt of Seller's notice of such proceeding if such taking is of a
material portion of the Real Estate, in which case the Deposit shall be returned
to Buyer and neither party shall have any further obligation hereunder or (ii)
proceed with the transaction contemplated hereunder and receive from Seller at
closing an assignment of all awards and damages relating to such proceedings.


                                     - 16 -

<PAGE>   20

         19. Use of Words. The pronouns and relative words herein used shall be
read interchangeably in masculine, feminine or neuter, singular or plural, as
the respective case may be.

         20. Notice. Any notice, request or certificate required or permitted to
be delivered hereunder shall be given in writing and shall be deemed to have
been delivered (i) when delivered personally, (ii) two (2) business days after
being deposited in the United States mail, by certified mail, return receipt
requested, postage pre-paid, and properly addressed, or (iii) one business day
after being sent by a reputable overnight delivery service (e.g. Federal
Express). For the purposes hereof, the addresses of the parties, until further
notice, shall be as follows:


                  Seller:          Brandon Associates Westland L.L.C.
                                   27777 Franklin Road
                                   Suite 950
                                   Southfield, Michigan  48034


                  With a copy to:  Howard N. Luckoff
                                   Dykema Gossett PLLC
                                   1577 North Woodward Avenue
                                   Suite 200
                                   Bloomfield Hills, Michigan  48304


                  Buyer:           Malan Realty Investors, Inc.
                                   30200 Telegraph Road
                                   Suite 105
                                   Birmingham, Michigan  48025-4503


                  With a copy to:  Laurence E. Winokur, Esq.
                                   Miro Weiner & Kramer, P.C.
                                   500 North Woodward Avenue, Suite 100
                                   P.O. Box 908
                                   Bloomfield Hills, Michigan 48303-0908


         21. Governing Law. This Agreement shall be interpreted under and
governed by the laws of the State of Michigan.


                                     - 17 -
<PAGE>   21

         22. Entire Agreement. This Agreement may be changed or modified only by
the written agreement of all of the parties hereto, and the same constitutes the
entire agreement between the parties hereto relating to the subject matter
hereof. All prior agreements or undertakings, including, without limitation, any
letter of intent, and all negotiations are hereby merged herein.

         23. Survival of Terms. The terms and conditions of this Agreement, to
the extent that the same are unfulfilled at the time of the closing of the
subject transaction, and all indemnification obligations, representations and
warranties contained herein (and all obligations relative thereto), shall
survive the closing to the extent set forth in this Agreement and shall not be
merged or terminated upon the closing of the subject transaction.

         24. Binding Effect. The terms and conditions of this Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective heirs, representatives, successors and assigns.

         25. Counterparts. This Agreement may be executed in counterparts, each
of which shall constitute an original although not fully executed, but all of
which when taken together, shall constitute but one agreement. The signature
page(s) of any counterpart may be detached from a counterpart without impairing
the legal effect of the signature(s) thereon and attached to any other
counterpart identical thereto except for the signature page(s) attached to it.

         26. Mortgagee Approval. Notwithstanding anything to the contrary
contained in this Agreement, Seller's obligations under this Agreement are
contingent upon Seller obtaining, prior to the Closing, at no cost or expense to
Seller other than as set forth in Section 4 of Exhibit A to Promissory Note
Secured by Mortgage date October 10, 1997, from Seller to Wells Fargo Bank
National Association ("Wells Fargo"), the consent of Wells Fargo to the sale
of the Property to Buyer and the unconditional release by Wells Fargo of Seller,
Shellye Korash, Individually and as Trustee u/t/a/d/ 6/12/96, as Amended and
Restated and Deborah Korash, 


                                     - 18 -
<PAGE>   22

individually and as Trustee, u/t/a/d/ 5/27/92 of all of their liability under
the Limited Guaranty dated October 10, 1997, given by each of them and all of
the other Loan Documents. Further, notwithstanding anything to the contrary
contained in this Agreement, Buyer's obligations under this Agreement are
contingent upon Buyer obtaining, prior to the Closing, at no cost or expense to
Buyer, (a) such changes and modifications in the Loan Documents (other than
changes to any of the economic terms) which are necessary in Buyer's sole
discretion, (b) estoppel certificates from the mortgagee and the owner of the
adjacent property which is subject to that certain Cross Easement Agreement for
ingress and egress and parking which is recorded in Liber 22852, Page 275 et
seq., Wayne County Records with respect to the Property, the forms of which
shall be subject to Buyer's reasonable approval, and (c) estoppel certificates
in the form attached as Exhibit "F" or the form required to be given pursuant to
its Lease to Buyer from all of the tenants under the Leases.

         27. Time of Essence. Time is of the essence in the performance of the
terms of this Agreement.

         28. Assignment. Buyer may not assign or transfer all or any portion of
its rights or obligations under this Agreement without Seller's prior written
consent, except for a wholly-owned subsidiary or other affiliate of Buyer.

                                          
                                     - 19 -
<PAGE>   23



         IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as 
of the date first above written.


WITNESSES:                                  BRANDON ASSOCIATES WESTLAND L.L.C.,
                                            A MICHIGAN LIMITED LIABILITY COMPANY



                                            By:
----------------------------                   -------------------------------- 
                                               Shellye Korash, Trustee u/t/a/d/
                                               6/12/96, as Amended and Restated,
                                               Member 

----------------------------                                          "Seller"


                                            MALAN REALTY INVESTORS, INC.,
                                            A MICHIGAN CORPORATION

                                            By:
----------------------------                     ----------------------------- 
                                                 Michael Kaline
                                            Its: Vice President

                                                                      "Buyer"
----------------------------






                                     - 20 -

<PAGE>   24




                                   EXHIBIT "B"




                                      NONE








                                     - 21 -

<PAGE>   25




                                   EXHIBIT "C"



                                      NONE








                                     - 22 -

<PAGE>   26




                                   EXHIBIT "D"









                                     - 23 -

<PAGE>   27




                                   EXHIBIT "E"



                                      NONE








                                     - 24 -

<PAGE>   28



                                   EXHIBIT "F"


Tenant's Trade Name: __________________________                Loan No. 850688


                               ESTOPPEL AGREEMENT


         This ESTOPPEL AGREEMENT ("Agreement") is made as of the date set forth
below, by ("Tenant"), based upon the following facts and understandings of
Tenant:

                                    RECITALS

         A. BRANDON ASSOCIATES WESTLAND L.L.C., a Michigan limited liability
company ("Owner") is or is about to become the owner of the land and
improvements commonly known as Westland Shopping Center ("Property") and the
owner of the landlord's interest in the lease identified in Recital B below
("Lease").

         B. Tenant is the owner of the tenant's interest in that lease dated
_____________________, which has been amended by instruments dated
__________________ and which was originally executed by Brandon Associates, a
Michigan co-partnership, as landlord, and by Tenant. (Said lease and the
referenced amendment(s) thereto are collectively referred to herein as the
"Lease").

         C. Owner, has entered into an agreement with MALAN REALTY INVESTORS,
INC. ("Malan") to sell the property to Malan.

         D. As a condition to purchasing the property, Malan has required that
Tenant furnish certain assurances to Malan as set forth below.

         THEREFORE, as a material inducement to Lender to make the Loan, Tenant
warrants and represents to, and agrees with, Lender as follows:

         1.       ESTOPPEL.    Tenant warrants and represents to Lender, as of 
the date hereof, that:

                  1.1 Lease Effective. The Lease has been duly executed and
delivered by Tenant and, subject to the terms and conditions thereof, the Lease
is in full force and effect, the obligations of Tenant thereunder are valid and
binding, and there have been no modifications or additions to the Lease, written
or oral, other than those, if any, which are referenced above in Recital B.

                  1.2 No Default. To the best of Tenant's knowledge: (a) there
exists no breach, default, or event or condition which, with the giving of
notice or the passage of time or both, would constitute a breach or default
under the Lease either by Tenant or Owner; and (b) Tenant has no existing
claims, defenses or offsets against rental due or to become due under the Lease.


                                                          Page - 1 - of 2 Pages
<PAGE>   29

                  1.3 Entire Agreement. The Lease constitutes the entire
agreement between Owner and Tenant with respect to the Property, and Tenant
claims no rights of any kind whatsoever with respect to the Property, other than
as set forth in the Lease.

                  1.4 Minimum Rent. The annual minimum rent under the Lease is
$________, subject to any escalation, percentage rent and/or common area
maintenance charges provided in the Lease. The "Base Year" for any escalation is
19___.

                  1.5 No Deposits or Prepaid Rent. No deposits or prepayments of
rent have been made in connection with the Lease, except as follows:
(if none, write "None").

                  1.6 No Other Assignment.   Tenant has received no notice, 
and is not otherwise aware of, any other assignment of the landlord's interest 
in the Lease.

                  1.7 No Purchase Option or Refusal Rights. Tenant does not have
any option or preferential right to purchase all or any part of the Property,
except as follows:


 (if none, write "None").

         2. HEIRS, SUCCESSORS AND ASSIGNS. The covenants herein shall be binding
upon, and inure to the benefit of, the heirs, successors and assigns of the
parties hereto. Whenever necessary or appropriate to give logical meaning to a
provision of this Agreement, the term "Owner" shall be deemed to mean the then
current owner of the Property and the landlord's interest in the Lease.

         IN WITNESS WHEREOF, Tenant has executed this instrument as of the _____
day of _______________, 19___.


                                            "Tenant"



                                            By:
                                               --------------------------------

                                            Its:
                                                -------------------------------








                                                          Page - 2 - of 2 Pages