<PAGE>   1
                                                                      EXHIBIT 24





                               POWER OF ATTORNEY


         The undersigned, a Director of Malan Realty Investors, Inc., a
Michigan corporation (the "Company"), does hereby constitute and appoint each
of Anthony S. Gramer and Elliott J. Broderick, with full power of substitution,
as his true and lawful attorney and agent to execute in his name and on his
behalf, as a Director of the Company, the Company's Annual Report on Form 10-K,
and any and all amendments thereto to be filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended.  Each
such attorney or agent shall have, and may exercise, all of the powers hereby
conferred.

         IN WITNESS WHEREOF, the undersigned has hereunto subscribed his
signature this 4th day of February, 1997.




                                        /s/ ROBERT D. KEMP, JR.
                                        ---------------------------------
                                        Robert D. Kemp, Jr.
<PAGE>   2





                               POWER OF ATTORNEY


         The undersigned, a Director of Malan Realty Investors, Inc., a
Michigan corporation (the "Company"), does hereby constitute and appoint each
of Anthony S. Gramer and Elliott J. Broderick, with full power of substitution,
as his true and lawful attorney and agent to execute in his name and on his
behalf, as a Director of the Company, the Company's Annual Report on Form 10-K,
and any and all amendments thereto to be filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended.  Each
such attorney or agent shall have, and may exercise, all of the powers hereby
conferred.

         IN WITNESS WHEREOF, the undersigned has hereunto subscribed his
signature this 4th day of February, 1997.




                                        /s/ WILLIAM MCBRIDE III
                                        ---------------------------------
                                        William McBride III
<PAGE>   3





                               POWER OF ATTORNEY


         The undersigned, a Director of Malan Realty Investors, Inc., a
Michigan corporation (the "Company"), does hereby constitute and appoint each
of Anthony S. Gramer and Elliott J. Broderick, with full power of substitution,
as his true and lawful attorney and agent to execute in his name and on his
behalf, as a Director of the Company, the Company's Annual Report on Form 10-K,
and any and all amendments thereto to be filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended.  Each
such attorney or agent shall have, and may exercise, all of the powers hereby
conferred.

         IN WITNESS WHEREOF, the undersigned has hereunto subscribed his
signature this 10th day of February, 1997.




                                        /s/ WILLIAM F. PICKARD
                                        ---------------------------------
                                        William F. Pickard
<PAGE>   4





                               POWER OF ATTORNEY


         The undersigned, a Director of Malan Realty Investors, Inc., a
Michigan corporation (the "Company"), does hereby constitute and appoint each
of Anthony S. Gramer and Elliott J. Broderick, with full power of substitution,
as his true and lawful attorney and agent to execute in his name and on his
behalf, as a Director of the Company, the Company's Annual Report on Form 10-K,
and any and all amendments thereto to be filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended.  Each
such attorney or agent shall have, and may exercise, all of the powers hereby
conferred.

         IN WITNESS WHEREOF, the undersigned has hereunto subscribed his
signature this 1st day of February, 1997.




                                        /s/ RICHARD T. WALSH
                                        ---------------------------------
                                        Richard T. Walsh