GWL Realty Advisors (GWLRA) has announced the development of a design-build industrial warehouse for Princess Auto Ltd. at Stoney North Logistics Centre in Balzac, just outside of Calgary, on behalf of its client The Great-West Life Canadian Real Estate Investment Fund No. 1 (CREIF).
“This project is in line with our ongoing strategy of investing in next-generation warehousing and logistics facilities in desirable locations,” said Steven Marino, Executive Vice President, Portfolio Management. “This project not only supports our strategic vision, but also demonstrates our strength in managing and developing industrial assets.”
Upon completion, Stoney North Logistic Centre, co-developed by GWLRA and Enright Capital Ltd., will offer over 2 million square feet of Tier 1 industrial warehouse space across 118 acres. The first building will comprise a 605,000 square foot warehouse, exclusively developed for Princess Auto Ltd., a prominent Canadian retail chain specializing in farm, industrial, garage, hydraulics, and surplus items, said GWLRA in a news release.
“GWLRA is very pleased to have completed this lease transaction, and we look forward to welcoming Princess Auto to the property upon completion in 2026,” said Robert Kavanagh, Senior Vice President for Western Canada for GWLRA. “Princess Auto Ltd. will occupy the property on a 15-year lease. They are a great lead tenant for our Stoney North Logistics Centre.”
The facility will include features sought by large-scale distribution tenants, such as a 40-foot ceiling height, ample loading doors, and trailer storage, said GWLRA.
It said Balzac serves as a primary distribution hub for Western Canada, attracting major retailers to establish their logistics facilities there. Stoney North Logistics Centre is particularly well located just north of the City of Calgary, offering easy access to Stoney Trail (Calgary’s ring highway) and Deerfoot Trail (Highway 2).
“We are thrilled to expand our distribution capabilities to better serve Canadians nationwide,” said Kris Heieie, Vice President of Supply Chain. “Staying in Northeast Calgary was important to us because of our incredible team. We wanted a location that supports our growth while keeping our team members close to home.”
GWL Realty Advisors manages an $18B portfolio of which just over 30% is invested in the industrial sector. Princess Auto is a private, Canadian-owned company that has been providing tradespeople, farmers, inventors, industrial workers, and Canadians with tools and equipment for nearly 100 years.
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