Shops at Atlas Park are facing foreclosure from two French banks-- Calyon and Société Générale--which own its $128-million mortgage. The property holders and managers, Atco Properties and Management, acknowledged that they were relinquishing the property and would no longer manage it.
The mall, originally an industrial building, had been developed by Atco and opened in 2006. The mall was considered a lifestyle center and contained a mix of retail, as well as office space, including the Offices at Market Place. "The world is shrinking in terms of retail sales, and we got caught in the shrinking," H. Dale Hemmerdinger, owner of Atco, said.
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