1 | RENX.ca - Hungerford Launches Another Alberta Commercial Condo

RENX.ca - Hungerford Launches Another Alberta Commercial Condo

Posted on June 03, 2015


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.”

Click here to read the full article.

Click here for the Paragon Business Park website.