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                                                                Exhibit 10(o)


                                             August 15, 1997



Mr. Elliott Broderick
Malan Realty Investors, Inc.
30200 Telegraph Road
Suite 105
Bingham Farms, MI 48025

         Re:      Payments upon a Change in Control

Dear Elliott:

         The purpose of this letter (the "Letter Agreement") is to provide you
with certain benefits in the event of a Change in Control (as defined below) in
consideration of your past services and the services you will render to Malan
Realty Investors, Inc. (the "Company") in the future.

         In the event a Change in Control of the Company occurs while you are
employed by the Company, you shall be entitled to receive, and the Company shall
be obligated to pay, an amount equal to Two Hundred Fifty Thousand Dollars
($250,000) in a lump sum payment. Such payment shall be made within five (5)
business days following the Change in Control. Payment provided hereunder shall
be in addition to any salary and compensation paid or payable by the Company or
an entity affiliated with the Company and shall not be contingent upon your
termination of employment following a Change in Control. Payment provided under
this Letter Agreement shall be subject to applicable federal and state
withholding.

         Upon a Change in Control, you shall be entitled to receive, at the
Company's expense, and continuing until your death, health insurance coverage
under the Company's group health plan or alternative health insurance which
provides comparable benefits to those provided under the Company's group health
plan as of the date of the Change in Control. The above referenced Company-paid
health insurance shall be available to you, your spouse, and your dependents who
were covered under the Company's group health plan as of the date of the Change
in Control. Health insurance coverage for your dependents shall continue until
the date such 




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dependents would no longer have been eligible for coverage under the Company's
group health plan (determined in accordance with the terms of the group health
plan in effect as of the date of the Change in Control).

         For purposes of this Letter Agreement, a "Change in Control" shall be
deemed to have occurred if:

                  (i) any "person" (as such term is used in Sections 13(d) and
                  14(d)(2) of the Securities Exchange Act of 1934, as amended)
                  becomes a beneficial owner of (or otherwise has the authority
                  to vote), directly or indirectly, shares representing twenty
                  percent (20%) or more of the total voting power of all of the
                  Company's then outstanding shares of common stock, unless
                  through a transaction arranged by or consummated with the
                  prior approval of the Board of Directors; or

                  (ii) during any two consecutive years, individuals, who at the
                  beginning of such period constitute the Board of Directors,
                  cease for any reason to constitute at least a majority of the
                  Board of Directors, unless the election, or the nomination for
                  election by the shareholders of the Company, of each new
                  Director was approved by a vote of at least a majority of the
                  Directors who were Directors at the beginning of the period.

         If the foregoing correctly sets forth our agreement, please sign where
indicated below.



                                              MALAN REALTY INVESTORS, INC.



                                              By:________________________
______________________

                                              Its:_______________________
______________________


The foregoing is hereby acknowledged, 
confirmed and agreed to this _____ day 
of ____________________________, 1997.



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Elliott Broderick
August 15, 1997
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_____________________________________________________
Elliott Broderick