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GWL Realty Advisors (GWLRA) will develop a design-build warehouse for Princess Auto Ltd. at its Stoney North Logistics Centre in Balzac, in Rocky View County just outside Calgary.
The 605,000-square-foot project is on behalf of The Great-West Life Canadian Real Estate Investment Fund No. 1 (CREIF). Occupancy is set for 2026.
“This project is in line with our ongoing strategy of investing in next-generation warehousing and logistics facilities in desirable locations,” Steven Marino, GWLRA’s executive vice-president, portfolio management, said in Tuesday’s announcement. “This project not only supports our strategic vision, but also demonstrates our strength in managing and developing industrial assets.”
The facility will include features sought by large-scale distribution tenants, including 40-foot ceiling height, loading doors and trailer storage areas.
“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,” Robert Kavanagh, GWLRA’s senior vice-president for Western Canada, said in the announcement. “Princess Auto Ltd. will occupy the property on a 15-year lease. They are a great lead tenant for our Stoney North Logistics Centre.”
Stoney North Logistics Centre
The Stoney North Logistics Centre is being co-developed by GWLRA and Calgary-based Enright Capital Ltd. At full build-out, it will offer over two million square feet of modern, Tier 1 industrial warehouse space across its 118 acres.
The Princess Auto distribution centre is the first building at the property, but it joins a long list of companies which have located distribution centres or warehousing facilities in Balzac and Rocky View County.
“We are thrilled to expand our distribution capabilities to better serve Canadians nationwide,” Kris Heieie, vice-president of supply chain for Princess Auto, said in the announcement. “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.”
Balzac serves as a primary distribution hub for Western Canada, and has attracted numerous major retailers to establish their logistics facilities in the region. In recent years over two dozen firms have opted to locate in the county.
The Stoney North Logistics Centre itself is just north of the City of Calgary, offering easy access to Stoney Trail (Calgary's ring highway) and Deerfoot Trail (Highway 2).
About GWLRA and Princess Auto
GWL Realty Advisors manages an $18-billion portfolio of which just over 30 per cent is invested in the industrial sector. The firm has a long history in industrial development, including projects such as the Delta iPort in British Columbia, and Abbotside Way in the Greater Toronto Area.
Princess Auto is a private, Canadian-owned company that has been providing tradespeople, farmers, inventors, industrial workers, and consumers with tools and equipment for nearly 100 years.
It is based in Winnipeg and operates over 50 stores coast-to-coast, a national call centre, and an online store. The firm employs over 2,500 people.
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