McArthur/Glen Realty Corp., a McLean company that builds and runs factory outlet shopping centers, plans to go public with a stock offering that it hopes will raise about $180 million.

The company, which will be a real estate investment trust (REIT), will essentially be the publicly traded version of McArthur/Glen Group Inc., which was ranked the nation's 28th-fastest-growing private company in 1992 by Inc. magazine. The company owns and operates 15 outlet shopping centers in 13 states, including Chesapeake Village on Maryland's Eastern Shore. Going public as a REIT has become an increasingly popular way for developers to raise capital. According to a filing with the Securities and Exchange Commission, the company plans to sell at least 9.35 million shares, at a projected price of $19.25 to $20.75 per share. The stock will be listed on the New York Stock Exchange.

McArthur/Glen had revenue of $36 million in fiscal 1992, said Yie-Hsin Hung, a senior vice president at Dean Witter Reynolds Inc. in New York, which is an underwriter for the offering.

In 1991, its revenue was $25 million and in 1990 it was $16 million.

She said the company earned $14 million in funds from operations in fiscal 1992 -- that is, profit before depreciation, amortization and other real-estate related accounting requirements. Many real estate companies regard funds from operations as their true bottom line.

In addition to the new stock, the REIT will privately place or issue about $125 million of fixed-rate debt. It is negotiating with construction-industry lenders for a $60 million to $100 million credit line.

The company said it plans to spend approximately $167 million for development projects this year and in 1994. Two new centers are under construction and expansions are under way in four malls. Next year, it plans to build three new centers and expand eight, it said.

In addition to Dean Witter, the underwriters are J.P. Morgan Securities and A.G. Edwards & Sons Inc.