GWL Developing $24.8M Logistics Centre Near Calgary
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.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.