U.S. real estate developer Greenberg Gibbons and real estate investment trust company Seritage Growth Properties have created a joint venture (JV) to upgrade a shopping center with an initial investment of $150 million in Phase I of the project.

The companies formed the joint venture to upgrade a 13.8-acre parcel at Hunt Valley Towne Center in Cockeysville, Maryland.

The project, a mixed-use shopping center situated at 118 Shawan Road, 18 miles north of downtown Baltimore, is owned by Greenberg Gibbons.

The initial plans for Phase I of the project include renovations to the former two-story Sears building and Sears Auto Center.