Upon completion, the estimated $16-million Hillsboro Market Center will consist of 155,204 sf on approximately 15 acres of land located at the intersection of Northeast Cornell Road and Northeast 25th Avenue, near Intel's Jones Farm. The second phase is about 65% preleased and deals totaling another 15,000 -sf are reportedly in the works. The asking rate for shop space is $22-$25 per sf.

Craig Ramey, Regency's SVP of Investments for the Northwest Region, tells GlobeSt.com the project required a zone change and substantial off-site improvements to the surrounding public roadways. Due to the difficulty of obtaining entitlements to develop in the area, Ramey says despite current economic conditions there is still demand from retailers for good quality locations, of which this is one.