Monroe & Friedlander lists Palmyra Island in South Pacific An island once used by the U.S. Navy is being marketed by Monroe & Friedlander Inc. of Honolulu. Palmyra Island is a U.S. possession located 1000 miles southwest of Honolulu. The company is working with Savio Realty of Honolulu and Phoenix-based Terra Marketing Inc. to market the tropical atoll worldwide.

The $47 million asking price purchases a coral reef encircling 19 major islets, many connected by causeways. The U.S. Navy occupied Palmyra from 1940 to 1947, during which time the causeways and a 6,000-ft. runway were constructed. Palmyra has been uninhabited since 1951. The island measures 13 sq. mi., or 8,320 acres, of which 600 acres remain dry at high tide. Dense vegetation covers the atoll, due to the average annual rainfall of 150 inches. No known zoning or land use regulations exist, but any development would require approval of the Department of the Interior.

Belz building first indoor factory outlet mall in Puerto Rico In Canovanas, Puerto Rico, Memphis-based Belz Enterprises has broken ground for Puerto Rico's first enclosed factory outlet mall. The site of Belz Factory Outlet World Canovanas is located 15 miles east of San Juan along Highway PR-3, a major east/west corridor.

The mall will comprise five buildings with different streetscapes of old San Juan and a food court with a rain forest theme, including waterfalls and rockscapes. Phase I, containing approximately 350,000 sq. ft., is scheduled to be open by fall 1999.

Kennedy Funding sails into Asian and European markets Hackensack, N.J.-based Kennedy Funding has completed negotiations with an undisclosed Korean company seeking a loan of more than $260 million for the development of a financial center in Seoul, South Korea. The company is described as one of the top 10 companies in Korea.

In Europe, Kennedy Funding has provided a loan to Mijas Hill Development SA to help underwrite a $20 million condominium and hotel project in Mijas, Spain. The three-acre project in the Costa del Sol resort area overlooks the 36-hole Club de Golf Mijas and is near Malanga International Airport. Mijas is in the foothills of a mountain range on the Mediterranean Sea.

Wimberly Alison Tong & Goo to build Asian resort in Antigua Honolulu-based Wimberly Alison Tong & Goo Architects, Planners and Consultants has been chosen to design Asian Village Resort on the island of Antigua. The resort will feature six hotels, two 18-hole golf courses, a residential area, a conference center, a casino and a water theme park. WAT&G will combine Asian and Caribbean influences in building the resort.

Phase I will include a 750-room hotel of Malaysian design, a 100-unit all-suites hotel with a Balinese theme, a golf course with Caribbean-style clubhouse and a casino in the Asian colonial plantation style. Construction is set to begin in January 1999, with completion of Phase I in mid-2000.

Commercial investment in Britain tops $9 billion in first quarter Britain had more than $9 billion in direct investment transactions of 163;1 million pounds or more in its commercial market, according to London-based DTZ Debenham Thorpe Research. Almost $5 billion went into London and the Southeast, primarily into offices and business parks. Foreign investments accounted for 15% of transactions by value, approximately $1.35 billion.

Euro and taxes to top discussion at Expo Real '98 in Munich Commercial real estate managers and investor from around Europe will converge on the Munich Order Center in October for the 1st International Real Estate Exposition, or Expo Real '98. The impending switch to the euro as Europe's standard currency and differences in real estate transfer taxes from country to country will be among the subjects of lectures and discussion. Exhibitors will include architects, designers, developers, facility managers and investors.