Hungerford Properties has built the Nexus, Northwing and Fairmore commercial condominiums in Calgary and is now launching Paragon Business Park in Sherwood Park, just east of Edmonton.

“The attractiveness of commercial condos is that, with a low interest environment, small business owners who are driven by different motivations than larger companies see real value in ownership,” said Hungerford partner Michael Hungerford.

“These businesses are able to grow equity through their real estate. They’re able to improve space and re-invest in it knowing that they’ll benefit once the time comes to sell the property. There are tax breaks for them if they own their own property. They’re able to control their costs and expansion and contraction abilities instead of being at the whim of a landlord.”

Office and warehouse space

The first phase of the development will feature an office building and warehouse comprising 121,000 square feet of leasable space on 11 acres near major transportation routes. The location will include more than 570 parking stalls and bicycle racks and is accessible by public transit.

Site-clearing is complete and Hungerford is waiting for final permits so construction can begin. It’s scheduled to be finished next year and Hungerford said the project will grow according to market demand.

“There are an additional nine acres either for expansion or build-to-suit opportunities for businesses in the area.”

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Click here for the Paragon Business Park website.

The business world in Sherwood Park will soon be stepping it up a notch.

Part of the executive team and partner of Hungerford Properties, Michael Hungerford said the company is planning a new commercial area in the northwest portion of the Park.

The Paragon Business Park will be building on 11 acres on the inside corner of Broadview Road, Bethel Drive and Bethel Way.

“In the first phase, we’re building an office building and a warehouse building,” Hungerford said.

“There’s future phases, but it’s going to be a large business park to accommodate different types of commercial uses. We’re anticipating that there will be some retail on the ground level. We’re building a nice courtyard amenity area. There will be some offices above and some warehouse — smaller bay warehouse units — as part of the park. We’re also interested in working with businesses — we’ve got some extra land as well for future phases, and we’ll be looking to develop that land with businesses that might want to have their own standalone sites.”

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Sherwood Park, May 19, 2015 - Hungerford Properties is launching an innovative, new commercial condo project in Strathcona County this week, a development that will transform 11 acres in Sherwood Park into a bustling business park for small and medium businesses that want to invest and build equity. The first phase of the development will be about 121,000 SF of office and warehouse space.

Paragon Business Park is a unique ownership opportunity for businesses seeking Class A condos in Sherwood Park, next to the new transit hub and bordering the major arterial retail area with its shops, restaurants and amenities.

“This project will redefine the neighborhood,” says Karnie Vertz, principal at Avison Young. “There isn’t a campus style development that can accommodate multiple uses and is built and designed to this high quality. The other product on the market in this area is older and doesn’t offer the same integrated options.”

The Paragon concept is based on the need for local ownership opportunities in Sherwood Park, a mixed-used campus style development that is well situated with great road access to the entire Capital region, especially to Alberta’s industrial heartland, one of the province’s primary economic drivers.

“This is a master-planned business park and this is just the first phase,” said partner Michael Hungerford. “Future phases will continue to attract Edmonton companies that want to invest in their own space, allowing them to build equity over time and have greater control over expansion and growth – all in an enviable location in Sherwood Park that benefits from high visibility and year-round traffic.”

Paragon also offers a unique opportunity for business owners currently living in the area to locate their businesses close to home. Rather than commuting into the city, business owners can live close to their office.

“We welcome Hungerford Properties and the Paragon Business Park to the heart of our community, “says Strathcona County Mayor Roxanne Carr. “The proposed development is ideal for this location being close to our transit centre and providing a great mix of opportunities for businesses of all sizes. We look forward to seeing the development come to life and enhance the business district.”

Hungerford Properties has a solid and successful track record of building commercial condos in other parts of Alberta. The company has three successful commercial condo developments in Calgary – Nexus, Northwing and Fairmore, all commercial business parks offering brand new, high-quality office and warehouse space. Nexus and Northwing have been the top selling commercial condo projects in Calgary for the past two years. What sets their projects apart is the upscale urban design and quality construction in good locations.

To learn more about Paragon Business Park, please visit the Paragon website.

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