GWL Realty Advisors are developing a $24.8-million logistics centre near
Calgary.

The institutional investor has teamed up with Enright Capital to build the
second building at the Stoney North logistics centre business park in Balzac,
Alta.

GWL and Enright acquired the property in 2021.

According to an Alberta government major
projects webpage, the construction of a 242,723-square-foot warehouse has
commenced. The webpage indicates that construction will be finished by 2024.

Balzac has emerged as a go-to area for industrial real estate development
due to the area’s abundance of available land. The area’s other prominent developers
and investors include Dream REIT and Beedie.

Dream is developing buildings Rocky View County, which includes Balzac, and
the town’s Cross Roads commercial park. According to a Dream investor
presentation, the REIT plans to develop two buildings spanning a total of
815,000 square feet in the locations.

Beedie is highly active at its Five66 industrial condo development project
in the Cross Roads park, according to The Calgary Herald.